Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | HCI | |
Entity Registrant Name | HCI Group, Inc. | |
Entity Central Index Key | 1,400,810 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,986,330 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Fixed-maturity securities, available for sale, at fair value (amortized cost: $247,147 and $167,231, respectively) | $ 248,646 | $ 166,248 |
Equity securities, available for sale, at fair value (cost: $52,785 and $47,750, respectively) | 56,152 | 53,035 |
Limited partnership investments, at equity | 19,900 | 29,263 |
Investment in unconsolidated joint venture, at equity | 1,680 | 2,102 |
Real estate investments (Note 4 - Consolidated Variable Interest Entity) | 49,286 | 48,086 |
Total investments | 375,664 | 298,734 |
Cash and cash equivalents (Note 4 - Consolidated Variable Interest Entity) | 296,520 | 280,531 |
Accrued interest and dividends receivable | 2,081 | 1,654 |
Income taxes receivable | 973 | 2,811 |
Premiums receivable | 26,621 | 17,276 |
Prepaid reinsurance premiums | 36,032 | 24,554 |
Deferred policy acquisition costs | 20,251 | 16,639 |
Property and equipment, net | 12,080 | 11,374 |
Intangible assets, net | 4,656 | 4,899 |
Deferred income taxes, net | 250 | |
Other assets (Note 4 - Consolidated Variable Interest Entity) | 17,840 | 11,342 |
Total assets | 792,718 | 670,064 |
Liabilities and Stockholders' Equity | ||
Losses and loss adjustment expenses | 73,089 | 70,492 |
Unearned premiums | 199,970 | 175,803 |
Advance premiums | 14,967 | 4,651 |
Assumed reinsurance balances payable | 181 | 3,294 |
Accrued expenses (Note 4 - Consolidated Variable Interest Entity) | 10,828 | 6,513 |
Deferred income taxes, net | 4,383 | |
Long-term debt | 234,817 | 138,863 |
Other liabilities (Note 4 - Consolidated Variable Interest Entity) | 16,058 | 26,702 |
Total liabilities | 554,293 | 426,318 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Preferred stock | ||
Common stock (no par value, 40,000,000 shares authorized, 9,172,802 and 9,662,761 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively) | 0 | 0 |
Additional paid-in capital | 8,139 | |
Retained income | 235,436 | 232,964 |
Accumulated other comprehensive income, net of taxes | 2,989 | 2,643 |
Total stockholders' equity | 238,425 | 243,746 |
Total liabilities and stockholders' equity (or members' capital) | 792,718 | 670,064 |
7% Series A Cumulative Convertible Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock | ||
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Debt securities, Amortized cost | $ 247,147 | $ 167,231 |
Available-for-sale Equity securities, Amortized cost | $ 52,785 | $ 47,750 |
Preferred stock, no par value | ||
Preferred stock, authorized | 18,100,000 | 18,100,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 9,172,802 | 9,662,761 |
Common stock, outstanding | 9,172,802 | 9,662,761 |
7% Series A Cumulative Convertible Preferred Stock [Member] | ||
Preferred stock, no par value | ||
Preferred stock, authorized | 1,500,000 | 1,500,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, no par value | ||
Preferred stock, authorized | 400,000 | 400,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | ||||
Gross premiums earned | $ 90,088 | $ 94,912 | $ 181,707 | $ 193,731 |
Premiums ceded | (28,241) | (36,384) | (56,824) | (76,756) |
Net premiums earned | 61,847 | 58,528 | 124,883 | 116,975 |
Net investment income | 2,810 | 1,725 | 5,644 | 3,215 |
Net realized investment gains | 1,787 | 391 | 2,502 | 316 |
Net other-than-temporary impairment losses recognized in income: | ||||
Total other-than-temporary impairment losses | (177) | (228) | (390) | (636) |
Portion of loss recognized in other comprehensive income, before taxes | (314) | (581) | ||
Net other-than-temporary impairment losses | (177) | (542) | (390) | (1,217) |
Policy fee income | 908 | 988 | 1,816 | 1,995 |
Gain on repurchases of convertible senior notes | 153 | |||
Other | 405 | 430 | 838 | 830 |
Total revenue | 67,580 | 61,520 | 135,293 | 122,267 |
Expenses | ||||
Losses and loss adjustment expenses | 27,665 | 26,272 | 53,194 | 53,352 |
Policy acquisition and other underwriting expenses | 10,070 | 10,879 | 19,719 | 21,989 |
Salaries and wages | 5,443 | 5,680 | 10,446 | 11,064 |
Interest expense | 4,378 | 2,611 | 7,920 | 5,440 |
Loss on repurchases of senior notes | 743 | 743 | ||
Other operating expenses | 4,976 | 4,849 | 9,824 | 9,496 |
Total expenses | 53,275 | 50,291 | 101,846 | 101,341 |
Income before income taxes | 14,305 | 11,229 | 33,447 | 20,926 |
Income tax expense | 4,763 | 4,205 | 11,885 | 7,846 |
Net income | $ 9,542 | $ 7,024 | $ 21,562 | $ 13,080 |
Basic earnings per share | $ 1.05 | $ 0.71 | $ 2.32 | $ 1.31 |
Diluted earnings per share | 0.93 | 0.71 | 2.07 | 1.31 |
Dividends per share | $ 0.35 | $ 0.30 | $ 0.70 | $ 0.60 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 9,542 | $ 7,024 | $ 21,562 | $ 13,080 |
Change in unrealized (loss) gain on investments: | ||||
Net unrealized gain arising during the period | 654 | 5,893 | 2,667 | 8,056 |
Other-than-temporary impairment loss charged to income | 177 | 542 | 390 | 1,217 |
Call and repayment losses charged to investment income | 8 | 10 | 9 | 11 |
Reclassification adjustment for net realized gains | (1,787) | (391) | (2,502) | (316) |
Net change in unrealized (loss) gain | (948) | 6,054 | 564 | 8,968 |
Deferred income taxes on above change | 365 | (2,336) | (218) | (3,460) |
Total other comprehensive (loss) income, net of income taxes | (583) | 3,718 | 346 | 5,508 |
Comprehensive income | $ 8,959 | $ 10,742 | $ 21,908 | $ 18,588 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 21,562 | $ 13,080 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 2,139 | 1,948 |
Net amortization of premiums on investments in fixed-maturity securities | 535 | 255 |
Depreciation and amortization | 4,380 | 2,656 |
Deferred income tax benefits | (1,430) | (1,388) |
Net realized investment gains | (2,502) | (316) |
Other-than-temporary impairment losses | 390 | 1,217 |
Income from unconsolidated joint venture | (142) | (228) |
Distribution received from unconsolidated joint venture | 147 | |
Gain on repurchases of convertible senior notes | (153) | |
Loss on repurchases of senior notes | 743 | |
Net (income) loss from limited partnership interests | (1,332) | 1,065 |
Distributions received from limited partnership interests | 426 | 44 |
Foreign currency remeasurement (gain) loss | (51) | 19 |
Other | 116 | |
Changes in operating assets and liabilities: | ||
Accrued interest and dividends receivable | (427) | 1 |
Income taxes | 1,838 | (3,213) |
Premiums receivable | (9,345) | (7,597) |
Prepaid reinsurance premiums | (11,478) | 4,954 |
Deferred policy acquisition costs | (3,612) | (2,489) |
Other assets | (6,971) | 28,442 |
Losses and loss adjustment expenses | 2,597 | 3,037 |
Unearned premiums | 24,167 | 21,310 |
Advance premiums | 10,316 | 8,841 |
Assumed reinsurance balances payable | (3,113) | (1,084) |
Accrued expenses and other liabilities | 2,411 | 34 |
Net cash provided by operating activities | 31,364 | 70,435 |
Cash flows from investing activities: | ||
Investments in limited partnership interests | (1,489) | (2,448) |
Distributions received from limited partnership interests | 11,758 | |
Distribution from unconsolidated joint venture | 417 | |
Purchase of property and equipment | (1,295) | (485) |
Purchase of real estate investments | (1,931) | (878) |
Purchase of fixed-maturity securities | (91,354) | (39,673) |
Purchase of equity securities | (22,738) | (8,410) |
Proceeds from sales of fixed-maturity securities | 6,873 | 33,524 |
Proceeds from calls, repayments and maturities of fixed-maturity securities | 3,937 | 1,074 |
Proceeds from sales of equity securities | 20,902 | 9,155 |
Net cash used in investing activities | (74,920) | (8,141) |
Cash flows from financing activities: | ||
Cash dividends paid | (7,026) | (6,310) |
Cash dividends received under share repurchase forward contract | 503 | 374 |
Proceeds from exercise of common stock options | 75 | |
Proceeds from issuance of long-term debt | 143,859 | 9,200 |
Repurchases of convertible senior notes | (11,347) | |
Repurchases of senior notes | (40,250) | |
Repayment of debt | (465) | (150) |
Repurchases of common stock | (30,636) | (447) |
Repurchases of common stock under share repurchase plan | (1,590) | (12,015) |
Debt issuance costs | (4,975) | (177) |
Tax benefits on stock-based compensation | 131 | |
Net cash provided by (used in) financing activities | 59,495 | (20,741) |
Effect of exchange rate changes on cash | 50 | (17) |
Net increase in cash and cash equivalents | 15,989 | 41,536 |
Cash and cash equivalents at beginning of period | 280,531 | 267,738 |
Cash and cash equivalents at end of period | 296,520 | 309,274 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 11,476 | 12,315 |
Cash paid for interest | 3,620 | 3,746 |
Non-cash investing and financing activities: | ||
Unrealized gain on investments in available-for-sale securities, net of tax | 346 | 5,508 |
Conversion of revolving credit facility to long-term debt | 9,441 | |
Receivable from sales of available-for-sale securities | 95 | |
Payable on purchases of available-for-sale securities | $ 694 | $ 127 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Income [Member] | Accumulated Other Comprehensive Income, Net of Tax [Member] |
Beginning Balance at Dec. 31, 2015 | $ 237,722 | $ 23,879 | $ 215,634 | $ (1,791) | |
Beginning Balance, shares at Dec. 31, 2015 | 10,292,256 | ||||
Net income | 13,080 | 13,080 | |||
Total other comprehensive income, net of income taxes | 5,508 | 5,508 | |||
Issuance of restricted stock | 0 | $ 0 | 0 | 0 | 0 |
Issuance of restricted stock, shares | 102,440 | ||||
Forfeiture of restricted stock, value | 0 | $ 0 | 0 | 0 | 0 |
Forfeiture of restricted stock, shares | (5,897) | ||||
Cancellation of restricted stock | (160,000) | ||||
Repurchase and retirement of common stock, value | (447) | (447) | |||
Repurchase and retirement of common stock, shares | (14,400) | ||||
Repurchase and retirement of common stock, value | (12,015) | (12,015) | |||
Repurchase and retirement of common stock, shares | (376,796) | ||||
Common stock dividends | (5,936) | (5,936) | |||
Tax benefits on stock-based compensation | 131 | 131 | |||
Tax shortfalls on stock-based compensation | (234) | (234) | |||
Stock-based compensation | 1,948 | 1,948 | |||
Ending Balance at Jun. 30, 2016 | 239,757 | 13,262 | 222,778 | 3,717 | |
Ending Balance, shares at Jun. 30, 2016 | 9,837,603 | ||||
Beginning Balance at Dec. 31, 2016 | 243,746 | 8,139 | 232,964 | 2,643 | |
Beginning Balance, shares at Dec. 31, 2016 | 9,662,761 | ||||
Net income | 21,562 | 21,562 | |||
Total other comprehensive income, net of income taxes | 346 | 346 | |||
Exercise of common stock options, value | $ 75 | 75 | |||
Exercise of common stock options, shares | 30,000 | 30,000 | |||
Issuance of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of restricted stock, shares | 154,936 | ||||
Forfeiture of restricted stock, value | 0 | $ 0 | 0 | 0 | 0 |
Forfeiture of restricted stock, shares | (10,874) | ||||
Repurchase and retirement of common stock, value | (21,236) | (21,236) | |||
Repurchase and retirement of common stock, shares | (434,505) | ||||
Repurchase and retirement of common stock, value | (1,590) | (1,590) | |||
Repurchase and retirement of common stock, shares | (38,416) | ||||
Repurchase of common stock under prepaid forward contract, value | (9,400) | (9,400) | |||
Repurchase of common stock under prepaid forward contract, shares | (191,100) | ||||
Equity component on 4.25% convertible senior notes (net of offering costs of $543) | 15,151 | 15,151 | |||
Deferred taxes on debt discount | (5,845) | (5,845) | |||
Common stock dividends | (6,523) | (6,523) | |||
Stock-based compensation | 2,139 | 2,139 | |||
Additional paid-in capital shortfall allocated to retained income | $ 12,567 | (12,567) | |||
Ending Balance at Jun. 30, 2017 | $ 238,425 | $ 235,436 | $ 2,989 | ||
Ending Balance, shares at Jun. 30, 2017 | 9,172,802 |
Consolidated Statement of Stoc8
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - Additional Paid-In Capital [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Stated interest rate on convertible senior notes | 4.25% |
Offering costs for convertible senior notes | $ 543 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1— Nature of Operations HCI Group, Inc., together with its majority-owned and controlled subsidiaries (collectively, the “Company”), is primarily engaged in the property and casualty insurance business through Homeowners Choice Property & Casualty Insurance Company, Inc. (“HCPCI”), its principal operating subsidiary. HCPCI is authorized to underwrite various homeowners’ property and casualty insurance products and allied lines business in the state of Florida. HCPCI also offers flood-endorsed and wind-only policies to new and pre-existing Florida customers. HCPCI’s operations are supported by HCI Group, Inc. and certain HCI subsidiaries. During the second quarter of 2017, HCPCI received regulatory approval to write residential property and casualty insurance in the states of Arkansas and Pennsylvania. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s financial position as of June 30, 2017 and the results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ending December 31, 2017. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the Company’s Form 10-K, which was filed with the SEC on February 22, 2017. In preparing the interim unaudited consolidated financial statements, management was required to make certain judgments, assumptions, and estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex and consequently actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term are related to the Company’s losses and loss adjustment expenses, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies for reinsurance contracts with retrospective provisions, deferred income taxes, and stock-based compensation expense involve significant judgments and estimates material to the Company’s consolidated financial statements. All significant intercompany balances and transactions have been eliminated. Adoption of New Accounting Standards Effective January 1, 2017, the Company adopted Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718), which amends the accounting for share-based payment transactions including the related income taxes, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, and forfeitures, which is applied using a modified retrospective transition method, have no impact on the Company’s comparative consolidated financial statements. In addition, the retrospective application of the amendments related to the presentation of employee taxes paid does not have an impact on the Company’s comparative consolidated statement of cash flows. Upon adoption of this standard, the Company elected to account for forfeitures of share-based awards when they occur and apply the amendments related to the presentation of excess tax benefits on the statement of cash flows prospectively. Under the new standard, the Company is required to recognize any excess tax benefits and tax deficiencies in the Company’s consolidated statement of income. Long-Term Debt Long-term debt is generally classified as a liability and carried at amortized cost, net of any discount and issuance costs. At issuance, a debt instrument with embedded features such as conversion and redemption options is evaluated to determine whether bifurcation and derivative accounting is applicable. If such instrument is not subject to derivative accounting, it is further evaluated to determine if the Company is required to separately account for the liability and equity components. To determine the carrying values of the liability and equity components at issuance, the Company measures the fair value of a similar liability, including any embedded features other than the conversion option, and assigns such value to the liability component. The liability component’s fair value is then subtracted from the initial proceeds to determine the carrying value of the debt instrument’s equity component, which is included in additional paid-in capital. Any embedded feature other than the conversion option is evaluated at issuance to determine if it is probable that such embedded feature will be exercised. If the Company concludes that the exercisability of that embedded feature is not probable, the embedded feature is considered to be non-substantive and would not impact the initial measurement and expected life of the debt instrument’s liability component. Transaction costs related to issuing a debt instrument that embodies both liability and equity components are allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as debt issuance costs and equity issuance costs, respectively. Debt issuance costs are capitalized and presented as a deduction from the carrying value of the debt. Both debt discount and deferred debt issuance costs are amortized to interest expense over the expected life of the debt instrument using the effective interest method. Equity issuance costs are a reduction to the proceeds allocated to the equity component. Common Share Repurchases The Company primarily repurchases its common stock in the open market through share repurchase programs and from institutional investors in private transactions such as prepaid share repurchase forward contracts and share repurchase agreements. A prepaid share repurchase forward contract is generally a contract that allows a party to buy from the counterparty a specified number of common shares at a specific time at a given forward price. The Company entered into such a contract and evaluated the characteristics of the forward contract to determine whether it met the definition of a derivative financial instrument pursuant to U.S. GAAP. The Company determined the forward contract is an equity contract on the Company’s common shares requiring physical settlement in common shares of the Company. As such, the transaction is recognized as a component of stockholders’ equity and there will be no recognition in earnings for changes in fair value in subsequent periods. In general, the Company first allocates the purchase price or the prepayment amount to additional paid-in capital to the extent available and the remaining balance is allocated to retained income. Due to past and recent share repurchases, the Company’s additional paid-in capital has been exhausted and shall remain so until the Company fully recoups the total amount allocated to retained income. Reclassifications. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 3 — Recent Accounting Pronouncements Accounting Standards Update No. 2017-09. Accounting Standards Update No. 2017-08. Accounting Standards Update No. 2017-05. Accounting Standards Update No. 2017-03. Accounting Standards Update No. 2017-01. Accounting Standards to be Adopted in Fiscal Year 2018 In January 2016, the FASB issued Accounting Standards Update No. 2016-01 (“ASU 2016-01”), Financial Instruments – Overall (Subtopic 825-10), primarily requiring all equity investments other than those accounted for under the equity method of accounting or those that result in consolidation of the investee to be measured at fair value with changes in the fair value recognized through net income. The application of ASU 2016-01 could cause the Company to experience significant volatility in earnings. Under current accounting policy, the Company recognizes unrealized holding gains and losses on available-for-sale equity securities in stockholders’ equity as a component of accumulated other comprehensive income. In the year of adoption, available-for-sale equity securities’ unrealized holding gains and losses reported in accumulated other comprehensive income at December 31, 2017 will be reclassified to beginning retained income. Any subsequent changes in fair value will be recognized in the consolidated statement of income. In addition, the classification of the Company’s equity securities with readily determinable fair values as “available-for-sale” in the consolidated balance sheet and related disclosures will be eliminated. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 also amends the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer to be consistent with the guidance in this ASU. ASU 2014-09 permits two methods of adoption: a full retrospective method or a modified retrospective method. This standard could impact the timing and amounts of revenue recognized. The Company has identified and reviewed impacted revenue generating activities in accordance with the five-step revenue recognition model specified by this standard. The Company elects to use a modified retrospective method for transition to the new revenue recognition standard. Based on the Company’s assessment, the impact will be limited to the related disclosures of certain revenue generating activities as its primary source of revenue from insurance premiums is not within the scope of this new standard. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4 — Investments Available-for-Sale Securities The Company holds investments in fixed-maturity securities and equity securities that are classified as available-for-sale. At June 30, 2017 and December 31, 2016, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows: Cost or Gross Gross Estimated Cost Gain Loss Value As of June 30, 2017 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 47,134 $ 7 $ (95 ) $ 47,046 Corporate bonds 112,603 969 (1,176 ) 112,396 State, municipalities, and political subdivisions 77,429 1,760 (197 ) 78,992 Exchange-traded debt 9,744 254 (39 ) 9,959 Redeemable preferred stock 237 16 — 253 Total 247,147 3,006 (1,507 ) 248,646 Equity securities 52,785 4,292 (925 ) 56,152 Total available-for-sale securities $ 299,932 $ 7,298 $ (2,432 ) $ 304,798 As of December 31, 2016 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 1,975 $ — $ (36 ) $ 1,939 Corporate bonds 75,538 607 (1,641 ) 74,504 State, municipalities, and political subdivisions 78,018 776 (488 ) 78,306 Exchange-traded debt 11,463 36 (237 ) 11,262 Redeemable preferred stock 237 3 (3 ) 237 Total 167,231 1,422 (2,405 ) 166,248 Equity securities 47,750 5,769 (484 ) 53,035 Total available-for-sale securities $ 214,981 $ 7,191 $ (2,889 ) $ 219,283 Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities as of June 30, 2017 and December 31, 2016 are as follows: Amortized Estimated Cost Fair Value As of June 30, 2017 Available-for-sale Due in one year or less $ 30,824 $ 30,820 Due after one year through five years 122,542 122,184 Due after five years through ten years 70,671 71,860 Due after ten years 23,110 23,782 $ 247,147 $ 248,646 Amortized Estimated Cost Fair Value As of December 31, 2016 Available-for-sale Due in one year or less $ 2,656 $ 2,662 Due after one year through five years 49,915 50,023 Due after five years through ten years 90,360 89,332 Due after ten years 24,300 24,231 $ 167,231 $ 166,248 Sales of Available-for-Sale Securities Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and six months ended June 30, 2017 and 2016 were as follows: Gross Gross Proceeds Gains Losses Three months ended June 30, 2017 Fixed-maturity securities $ 2,434 $ 6 $ (18 ) Equity securities $ 13,631 $ 2,090 $ (291 ) Three months ended June 30, 2016 Fixed-maturity securities $ 32,424 $ 376 $ — Equity securities $ 4,801 $ 220 $ (205 ) Six months ended June 30, 2017 Fixed-maturity securities $ 6,873 $ 29 $ (22 ) Equity securities $ 20,902 $ 2,835 $ (340 ) Six months ended June 30, 2016 Fixed-maturity securities $ 33,524 $ 383 $ — Equity securities $ 9,155 $ 359 $ (426 ) Other-than-temporary Impairment The Company regularly reviews its individual investment securities for other-than-temporary impairment. The Company considers various factors in determining whether each individual security is other-than-temporarily impaired, including- • the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings; • the length of time and the extent to which the market value of the security has been below its cost or amortized cost; • general market conditions and industry or sector specific factors and other qualitative factors; • nonpayment by the issuer of its contractually obligated interest and principal payments; and • the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs. Fixed-maturity Securities Prior to the sale of one intent-to-sell fixed-maturity security, the Company recognized $38 of impairment loss for this security for the three months ended June 30, 2017. For the six months ended June 30, 2017, the Company recognized $100 of impairment losses related to the sale of two intent-to-sell fixed-maturity securities. At June 30, 2017, two fixed-maturity securities were considered other-than-temporarily impaired due to their credit risk. The Company intends to hold these two fixed-maturity securities until maturity, but does not expect a full recovery of their carrying value. In June 2016, the Company sold one impaired fixed-maturity security that was previously intended to hold until maturity due to uncertainties surrounding the issuer’s announced restructuring plan. Prior to the sale of this security, the remaining $202 of unrealized impairment loss was reclassified from comprehensive income and recognized in total other-than-temporary impairment losses in the Company’s consolidated statement of income for the three months ended June 30, 2016. For the six months ended June 30, 2016, the Company recognized $495 of additional impairment loss in the consolidated statement of income, representing $26 of additional loss recorded during the period and the reclassification of $469 previously recorded in other comprehensive income. At June 30, 2016, there was no fixed-maturity security with credit risk issue. The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in income from available for sale fixed-maturity securities. 2017 2016 Balance at January 1 $ 475 $ 111 Additional credit impairments on previously impaired securities — 293 Balance at March 31 475 404 Credit impaired security fully disposed of for which there was no prior intent or requirement to sell — (385 ) Reduction due to increase in expected cash flows recognized over the remaining life of the previously impaired security — (19 ) Balance at June 30 $ 475 $ — Equity Securities In determining whether equity securities are other than temporarily impaired, the Company considers its intent and ability to hold a security for a period of time sufficient to allow for the recovery of cost, the length of time each security has been in an unrealized loss position, the extent of the decline and the near term prospect for recovery. The Company recognized impairment losses of $139 and $340 in the consolidated statement of income for the three months ended June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, the Company recognized impairment losses of $290 and $722, respectively. At June 30, 2017 and 2016, the Company had three and 15 equity securities, respectively, that were other-than-temporarily impaired. Securities with gross unrealized loss positions at June 30, 2017 and December 31, 2016, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of June 30, 2017 Loss Value Loss Value Loss Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (95 ) $ 45,148 $ — $ — $ (95 ) $ 45,148 Corporate bonds (1,169 ) 76,604 (7 ) 993 (1,176 ) 77,597 State, municipalities, and political subdivisions (165 ) 10,715 (32 ) 2,635 (197 ) 13,350 Exchange-traded debt (39 ) 3,428 — — (39 ) 3,428 Total fixed-maturity securities (1,468 ) 135,895 (39 ) 3,628 (1,507 ) 139,523 Equity securities (869 ) 15,837 (56 ) 1,295 (925 ) 17,132 Total available-for-sale securities $ (2,337 ) $ 151,732 $ (95 ) $ 4,923 $ (2,432 ) $ 156,655 At June 30, 2017, there were 140 securities in an unrealized loss position. Of these securities, ten securities had been in an unrealized loss position for 12 months or longer. The gross unrealized loss of corporate bonds in an unrealized loss position for less than twelve months included $236 of other-than-temporary impairment losses related to non-credit factors. Less Than Twelve Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of December 31, 2016 Loss Value Loss Value Loss Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (36 ) $ 1,939 $ — $ — $ (36 ) $ 1,939 Corporate bonds (1,546 ) 43,859 (95 ) 2,814 (1,641 ) 46,673 State, municipalities, and political subdivisions (441 ) 26,029 (47 ) 3,036 (488 ) 29,065 Exchange-traded debt (191 ) 4,980 (46 ) 1,954 (237 ) 6,934 Redeemable preferred stock (3 ) 47 — — (3 ) 47 Total fixed-maturity securities (2,217 ) 76,854 (188 ) 7,804 (2,405 ) 84,658 Equity securities (293 ) 10,042 (191 ) 3,209 (484 ) 13,251 Total available-for-sale securities $ (2,510 ) $ 86,896 $ (379 ) $ 11,013 $ (2,889 ) $ 97,909 At December 31, 2016, there were 134 securities in an unrealized loss position. Of these securities, 20 securities had been in an unrealized loss position for 12 months or longer. The gross unrealized loss of corporate bonds in an unrealized loss position for twelve months or longer included $76 of other-than-temporary impairment losses related to non-credit factors. Limited Partnership Investments The Company has interests in limited partnerships that are not registered or readily tradeable on a securities exchange. These partnerships are private equity funds managed by general partners who make all decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships. The following table provides information related to the Company’s investments in limited partnerships. June 30, 2017 December 31, 2016 Carrying Unfunded Carrying Unfunded Investment Strategy Value Balance (%)(a) Value Balance (%)(a) Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e) $ 7,203 $ 5,505 15.37 $ 6,246 $ 6,428 16.50 Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e) 6,942 2,217 1.76 7,358 1,360 1.76 Maximum long-term capital appreciation through long and short positions in equity and/or debt securities of publicly traded U.S. and non-U.S. issuers, derivative instruments and certain other financial instruments. (f) — — — 11,333 — 66.58 High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(g)(h) 5,755 4,343 0.18 4,326 5,766 0.18 Total $ 19,900 $ 12,065 $ 29,263 $ 13,554 (a) Represents the Company’s percentage investment in the fund at each balance sheet date. (b) Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated. (c) Expected to have a 10-year term and the capital commitment is expected to expire on September 3, 2019. (d) Expected to have a three-year term from the end of the capital commitment period, which is March 31, 2018. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods. (f) The withdrawal was effective on February 15, 2017. As a result, the Company’s investment in this limited partnership was terminated. (g) Expected to have a 10-year term and the capital commitment is expected to expire on June 30, 2020. (h) With the consent of a super majority of partners, the term of the fund may be extended for up to three additional one-year periods. The following is the aggregated summarized unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. In applying the equity method of accounting, the Company uses the most recently available financial information provided by the general partner of each of these partnerships. The financial statements of these limited partnerships are audited annually. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Operating results: Total income $ 157,433 $ (6,987 ) $ 229,750 $ (23,069 ) Total expenses (26,177 ) (27,401 ) (53,819 ) (130,022 ) Net income (loss) $ 131,256 $ (34,388 ) $ 175,931 $ (153,091 ) June 30, December 31, 2017 2016 Balance Sheet: Total assets $ 3,891,172 $ 2,956,327 Total liabilities $ 180,945 $ 63,813 For the three and six months ended June 30, 2017, the Company recognized net investment income of $560 and $1,332, respectively, for these investments. During the second quarter of 2017, the Company received in cash a return on investment totaling $154. During the first half of 2017, the Company received total cash distributions of $12,184, representing $11,758 of returned capital and $426 of return on investment. Included in the return of capital was $11,626 from one limited partnership the Company withdrew from in February 2017. For the three and six months ended June 30, 2016, the Company recognized net investment losses of $196 and $1,065, respectively. During the three and six months ended June 30, 2016, the Company received one cash distribution of $44 of return on investment. At June 30, 2017 and December 31, 2016, the Company’s cumulative contributed capital to the partnerships existing at each respective balance sheet date totaled $18,435 and $31,946, respectively, and the Company’s maximum exposure to loss aggregated $19,900 and $29,263, respectively. Investment in Unconsolidated Joint Venture The Company has an equity investment in FMKT Mel JV, which is a limited liability company treated as a joint venture under U.S. GAAP. In March 2017, FMKT Mel JV sold a portion of its outparcel land for gross proceeds of $825 and recognized a $331 gain on sale of which $199 was allocated to the Company in accordance with the profit allocation specified in the operating agreement. At June 30, 2017 and December 31, 2016, the Company’s maximum exposure to loss relating to this variable interest entity was $1,680 and $2,102, respectively, representing the carrying value of the investment. At June 30, 2017, there was an undistributed gain of $30 from this equity method investment as compared with an undistributed loss, after an equity distribution, of $25 at December 31, 2016, the amounts of which were included in the Company’s consolidated retained income. The limited liability company members received no cash distributions during the three months ended June 30, 2017 and 2016. During the six months ended June 30, 2017, the Company received a cash distribution of $564, representing a combined distribution of $147 in earnings and $417 in capital as compared with no cash distribution during the six months ended June 30, 2016. The following tables provide FMKT Mel JV’s summarized unaudited financial results and the unaudited financial positions: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Operating results: Total revenues and gain $ — $ 181 $ 331 $ 714 Total expenses (33 ) (247 ) (65 ) (483 ) Net (loss) income $ (33 ) $ (66 ) $ 266 $ 231 The Company’s share of net (loss) income* $ (30 ) $ (59 ) $ 142 $ 228 * Included in net investment income in the Company’s consolidated statements of income. June 30, December 31, 2017 2016 Balance Sheet: Construction in progress—real estate $ 328 $ 334 Property and equipment, net 1,226 1,654 Cash 144 179 Other 180 180 Total assets $ 1,878 $ 2,347 Accounts payable $ 2 $ 11 Other liabilities 10 — Members’ capital 1,866 2,336 Total liabilities and members’ capital $ 1,878 $ 2,347 Investment in unconsolidated joint venture, at equity* $ 1,680 $ 2,102 * Included the 90% share of FMKT Mel JV’s operating results. Real Estate Investments Real estate investments include office and retail space that is leased to tenants, wet and dry boat storage, one restaurant, and two marinas. Real estate investments consist of the following as of June 30, 2017 and December 31, 2016. June 30, December 31, 2017 2016 Land $ 17,592 $ 17,592 Land improvements 9,370 9,336 Buildings 16,601 16,154 Tenant and leasehold improvements 940 872 Construction in progress* 4,481 3,404 Other 2,945 2,683 Total, at cost 51,929 50,041 Less: accumulated depreciation and amortization (2,643 ) (1,955 ) Real estate investments $ 49,286 $ 48,086 * This project, which was developed by the Company’s consolidated variable interest entity, was near completion at June 30, 2017. Depreciation and amortization expense related to real estate investments was $351 and $95 for the three months ended June 30, 2017 and 2016, respectively, and $688 and $188 for the six months ended June 30, 2017 and 2016, respectively. Consolidated Variable Interest Entity At June 30, 2017, the Company had a development project near completion in Riverview, Florida through a limited liability company treated under U.S. GAAP as a joint venture in which the Company’s subsidiary has a controlling financial interest and, as a result, it is the primary beneficiary. In addition, the Company is the sole source of funding for the development project. The following table summarizes the assets and liabilities related to this variable interest entity which are included in the accompanying consolidated balance sheets. June 30, December 31, 2017 2016 Cash and cash equivalents $ 69 $ 65 Construction in progress included in real estate investments $ 4,481 $ 3,404 Other assets $ 49 $ — Accrued expenses $ 117 $ 68 Other liabilities $ 17 $ 11 Net Investment Income Net investment income (loss), by source, is summarized as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Available-for-sale securities: Fixed-maturity securities $ 1,403 $ 1,131 $ 2,640 $ 2,230 Equity securities 797 784 1,671 1,735 Investment expense (191 ) (161 ) (350 ) (323 ) Limited partnership investments 560 (196 ) 1,332 (1,065 ) Real estate investments (168 ) (53 ) (564 ) (83 ) (Loss) income from unconsolidated joint venture (30 ) (59 ) 142 228 Cash and cash equivalents 439 268 767 470 Other — 11 6 23 Net investment income $ 2,810 $ 1,725 $ 5,644 $ 3,215 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Note 5 — Comprehensive Income (Loss) Comprehensive income (loss) includes net income and other comprehensive income or loss, which for the Company includes changes in unrealized gains or losses of investments carried at fair value and changes in the unrealized other-than-temporary impairment losses related to these investments. Reclassification adjustments for realized (gains) losses are reflected in net realized investment gains (losses) on the consolidated statements of income. The components of other comprehensive income or loss and the related tax effects allocated to each component were as follows: Three Months Ended Three Months Ended June 30, 2017 June 30, 2016 Income Tax Income Tax Before Expense Net of Before Expense Net of Tax (Benefit) Tax Tax (Benefit) Tax Unrealized gain arising during the period $ 654 $ 252 $ 402 $ 5,893 $ 2,274 $ 3,619 Other-than-temporary impairment loss 177 69 108 542 209 333 Call and repayment losses charged to investment income 8 3 5 10 4 6 Reclassification adjustment for realized gains (1,787 ) (689 ) (1,098 ) (391 ) (151 ) (240 ) Total other comprehensive (loss) income $ (948 ) $ (365 ) $ (583 ) $ 6,054 $ 2,336 $ 3,718 Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Income Tax Income Tax Before Expense Net of Before Expense Net of Tax (Benefit) Tax Tax (Benefit) Tax Unrealized gain arising during the period $ 2,667 $ 1,029 $ 1,638 $ 8,056 $ 3,108 $ 4,948 Other-than-temporary impairment loss 390 150 240 1,217 470 747 Call and repayment losses charged to investment income 9 4 5 11 4 7 Reclassification adjustment for realized gains (2,502 ) (965 ) (1,537 ) (316 ) (122 ) (194 ) Total other comprehensive income $ 564 $ 218 $ 346 $ 8,968 $ 3,460 $ 5,508 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 — Fair Value Measurements The Company records and discloses certain financial assets at their estimated fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Other inputs that are observable for the asset or liability, either directly or indirectly such as quoted prices for identical or similar assets or liabilities that are not observable throughout the full term. Level 3 - Inputs that are unobservable. Valuation Methodology Cash and cash equivalents Cash and cash equivalents primarily consist of money-market funds and certificates of deposit. Their carrying value approximates fair value due to the short maturity and high liquidity of these funds. Available-for-sale securities Estimated fair values of the Company’s available-for-sale securities are determined in accordance with U.S. GAAP, using valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Fair values are generally measured using quoted prices in active markets for identical securities or other inputs that are observable either directly or indirectly, such as quoted prices for similar securities. In those instances where observable inputs are not available, fair values are measured using unobservable inputs. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the security and are developed based on the best information available in the circumstances. Fair value estimates derived from unobservable inputs are significantly affected by the assumptions used, including the discount rates and the estimated amounts and timing of future cash flows. The derived fair value estimates cannot be substantiated by comparison to independent markets and are not necessarily indicative of the amounts that would be realized in a current market exchange. The estimated fair values for securities that do not trade on a daily basis are determined by management, utilizing prices obtained from an independent pricing service and information provided by brokers, which are level 2 inputs. Management reviews the assumptions and methods utilized by the pricing service and then compares the relevant data and pricing to broker-provided data. The Company gains assurance of the overall reasonableness and consistent application of the assumptions and methodologies and compliance with accounting standards for fair value determination through ongoing monitoring of the reported fair values. Limited Partnership Investments As described in Note 4 — “Investments” under Limited Partnership Investments, the Company has interests in limited partnerships which are private equity funds. Pursuant to U.S. GAAP, these funds are required to use fair value accounting; therefore, the estimated fair value approximates the carrying value of these funds. Revolving Credit Facility The interest rate on the Company’s revolving credit facility was periodically adjusted based on the London Interbank Offered Rate plus a spread. As a result, its carrying value at December 31, 2016 approximated fair value. In February 2017, this credit facility was converted into a 3.95% three-year promissory note. See Note 8 — “Long-Term Debt” under 3.95% Promissory Note. Long-term debt The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values: Maturity Valuation Methodology 8% Senior Notes * Closing price listed on the New York Stock Exchange 3.875% Convertible Senior Notes 2019 Quoted price at June 30, 2017; Discounted cash flow method/Level 3 inputs at December 31, 2016 4.25% Convertible Senior Notes 2037 Discounted cash flow method/Level 3 inputs 3.95% Promissory Note 2020 Discounted cash flow method/Level 3 inputs 4% Promissory Note 2031 Discounted cash flow method/Level 3 inputs 3.75% Promissory Note 2036 Discounted cash flow method/Level 3 inputs * Redeemed on April 3, 2017. Assets Measured at Estimated Fair Value on a Recurring Basis The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2017 and December 31, 2016: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of June 30, 2017 Financial Assets: Cash and cash equivalents $ 296,520 $ — $ — $ 296,520 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 45,543 1,503 — 47,046 Corporate bonds 111,402 994 — 112,396 State, municipalities, and political subdivisions — 78,992 — 78,992 Exchange-traded debt 9,959 — — 9,959 Redeemable preferred stock 253 — — 253 Total fixed-maturity securities 167,157 81,489 — 248,646 Equity securities 56,152 — — 56,152 Total available-for-sale securities 223,309 81,489 — 304,798 Total $ 519,829 $ 81,489 $ — $ 601,318 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2016 Financial Assets: Cash and cash equivalents $ 280,531 $ — $ — $ 280,531 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 1,939 — — 1,939 Corporate bonds 73,519 985 — 74,504 State, municipalities, and political subdivisions — 78,306 — 78,306 Exchange-traded debt 11,262 — — 11,262 Redeemable preferred stock 237 — — 237 Total fixed-maturity securities 86,957 79,291 — 166,248 Equity securities 53,035 — — 53,035 Total available-for-sale securities 139,992 79,291 — 219,283 Total $ 420,523 $ 79,291 $ — $ 499,814 Assets and Liabilities Carried at Other Than Fair Value The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of June 30, 2017 and December 31, 2016. Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of June 30, 2017 Financial Assets: Limited partnership investments $ 19,900 $ — $ — $ 19,900 $ 19,900 Financial Liabilities: Long-term debt: 3.875% Convertible senior notes $ 83,676 $ — $ 88,625 $ — $ 88,625 4.25% Convertible senior notes 124,723 — — 123,302 123,302 3.95% Promissory note 9,363 — — 9,442 9,442 4% Promissory note 8,436 — — 8,200 8,200 3.75% Promissory note 8,619 — — 8,065 8,065 Total long-term debt $ 234,817 $ — $ 88,625 $ 237,634 $ 237,634 Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2016 Financial Assets: Limited partnership investments $ 29,263 $ — $ — $ 29,263 $ 29,263 Financial Liabilities: Revolving credit facility $ 9,463 $ — $ — $ 9,463 $ 9,463 Long-term debt: 8% Senior notes $ 39,448 $ — $ 41,618 $ — $ 41,618 3.875% Convertible senior notes 81,988 — — 84,696 84,696 4% Promissory note 8,660 — — 8,664 8,664 3.75% Promissory note 8,767 — — 8,506 8,506 Total long-term debt $ 138,863 $ — $ 41,618 $ 101,866 $ 143,484 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 7 — Other Assets The following table summarizes the Company’s other assets: June 30, December 31, 2017 2016 Benefits receivable related to retrospective reinsurance contracts $ 11,269 $ 5,810 Prepaid expenses 2,404 1,581 Lease acquisition costs, net 597 615 Restricted cash 709 600 Other 2,861 2,736 Total other assets $ 17,840 $ 11,342 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 8 — Long-Term Debt The following table summarizes the Company’s long-term debt. June 30, December 31, 2017 2016 8% Senior Notes, redeemed in April 2017 $ — $ 40,250 3.875% Convertible Senior Notes, due March 15, 2019 89,990 89,990 4.25% Convertible Senior Notes, due March 1, 2037 143,750 — 3.95% Promissory note, due through February 17, 2020 9,473 — 4% Promissory note, due through February 1, 2031 8,587 8,821 3.75% Promissory note, due through September 1, 2036 8,770 8,924 Total principal amount 260,570 147,985 Less: unamortized discount and issuance costs (25,753 ) (9,122 ) Total long-term debt $ 234,817 $ 138,863 The following table summarizes future maturities of long-term debt as of June 30, 2017, which takes into consideration the assumption that the 4.25% Convertible Senior Notes are repurchased at the earliest call date. Due in 12 months following June 30, 2017 $ 1,029 2018 91,060 2019 9,867 2020 898 2021 144,683 Thereafter 13,033 Total $ 260,570 Information with respect to interest expense related to long-term debt is as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Interest Expense: Contractual interest $ 2,680 $ 1,767 $ 5,104 $ 3,656 Non-cash expense (a) 1,718 844 2,877 1,784 Capitalized interest (b) (20 ) — (61 ) — Total $ 4,378 $ 2,611 $ 7,920 $ 5,440 (a) Represents amortization of debt discount and issuance costs. (b) Interest was capitalized for a construction project in Riverview, Florida which is intended for lease. Convertible Senior Notes The Company’s Convertible Senior Notes consist of 3.875% Convertible Senior Notes due 2019 (“3.875% Convertible Notes”) and 4.25% Convertible Senior Notes due 2037 (“4.25% Convertible Notes”). The 3.875% Convertible Notes were issued in late 2013 in a private offering for an aggregate principal amount of $103,000. During the first quarter of 2016, the Company repurchased an aggregate of $13,010 in principal, thereby decreasing the aggregate principal balance of its 3.875% Convertible Notes to $89,990. On March 3, 2017, the Company issued 4.25% Convertible Notes in a private offering for an aggregate principal amount of $143,750. The net proceeds of the 4.25% Convertible Notes were $138,775 after $4,975 in related issuance and transaction costs. The following table summarizes the principal and interest payment terms of these Convertible Senior Notes: Convertible Senior Notes Interest Payment Terms 3.875% Convertible Notes, due March 15, 2019 Semiannually in arrears: March 15 and September 15 4.25% Convertible Notes, due March 1, 2037 Semiannually in arrears: March 1 and September 1 The Convertible Senior Notes rank equally in right of payment to the Company’s existing and future unsecured and unsubordinated obligations. These Convertible Senior Notes do not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company or any of its subsidiaries. The Convertible Senior Notes provide no protection to the note holders in the event of a fundamental change or other corporate transaction involving the Company except those described in each respective indenture. These Convertible Senior Notes do not require a sinking fund to be established for the purpose of redemption. In conjunction with the issuances of the Convertible Senior Notes, the Company entered into prepaid share repurchase forward contracts and share repurchase agreements providing for the repurchase of shares of the Company’s common stock. See Note 14 — “Stockholders’ Equity” under Share Repurchase Agreements Prepaid Share Repurchase Forward Contracts The following table summarizes information regarding the equity and liability components of the Convertible Senior Notes: June 30, December 31 2017 2016 Principal amount $ 233,740 $ 89,990 Unamortized discount (20,198 ) (6,795 ) Liability component – net carrying value before issuance costs $ 213,542 $ 83,195 Equity component – conversion, net of offering costs $ 31,051 $ 15,900 Embedded Conversion Feature The conversion feature of these Convertible Senior Notes is subject to conversion rate adjustments upon the occurrence of specified events (including payment of dividends above a specified amount) but will not be adjusted for any accrued and unpaid interest. 3.875% Convertible Notes 4.25% Convertible Notes The holders of the Convertible Senior Notes may convert all or a portion of their Convertible Senior Notes during specified periods as follows: (1) during any calendar quarter commencing after the calendar quarter ending on the dates specified in each respective indenture, if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any ten consecutive trading-day period in which the trading price per $1 principal amount of the Convertible Senior Notes is less than 98% of the product of the last reported sale price and the conversion rate on each such trading day; (3) if specified corporate events, including a change in control, occur; or (4) at any time on or after the dates specified in each respective indenture. The note holders who elect to convert their Convertible Senior Notes in connection with a fundamental change as described in the indentures will be entitled to a “make-whole” adjustment in the form of an increase in the conversion rate. Upon conversion, the Company has options to satisfy its conversion obligation by paying or delivering cash, shares of its common stock or a combination of cash and shares of its common stock. As of June 30, 2017, none of the conditions allowing the holders of either class of the Convertible Senior Notes to convert had been met. The Company determined that the Convertible Senior Notes’ embedded conversion feature is not a derivative financial instrument but rather is required to be separately accounted for in equity because the Company may elect to settle the conversion option entirely or partially in cash. At issuance, the Company accounted for the equity component of the embedded conversion feature as a reduction in the carrying amount of the debt and an increase in additional paid-in capital. Embedded Redemption Feature – Fundamental Change The note holders have the right to require the Company to repurchase for cash all or any portion of the Convertible Senior Notes at par prior to the maturity date should any of the fundamental change events described in the indentures occur. The Company concluded that this embedded redemption feature is not a derivative financial instrument and that it is not probable at issuance that any of the specified fundamental change events will occur. Therefore, this embedded redemption feature is not substantive and will not affect the expected life of the liability component. Embedded Redemption Feature – Put Option of the Note Holder At the option of the holders of the 4.25% Convertible Notes, the Company is required to repurchase for cash all or any portion of the 4.25% Convertible Notes at par on March 1, 2022, March 1, 2027 or March 1, 2032. The Company concluded that this embedded feature is not a derivative financial instrument. In addition, based on economic factors at the time when the 4.25% Convertible Notes were issued, the Company determined it is probable that the note holders will exercise this option. Thus, the Company amortizes the liability component and related issuance costs associated with the 4.25% Convertible Notes over the period from March 3, 2017 to March 1, 2022. The effective interest rates for the 3.875% Convertible Notes and the 4.25% Convertible Notes, taking into account both cash and non-cash components, approximate 8.3% and 7.6%, respectively. Had a 20-year term been used for the amortization of the liability component and issuance costs of the 4.25% Convertible Notes, the annual effective interest rate charged to earnings would have been decreased to approximately 5.4%. As of June 30, 2017, the remaining amortization periods of the debt discounts were expected to be 1.7 years for the 3.875% Convertible Notes and 4.7 years for the 4.25% Convertible Notes. 8% Senior Notes On April 3, 2017, the Company redeemed its 8% publicly traded, unsecured senior notes which had unamortized debt issuance costs of $743 at par for $40,805, including accrued and unpaid interest of $555. For the three and six months ended June 30, 2017, the Company recognized a loss of $743 associated with the early extinguishment of this debt. The redemption was funded by the net proceeds from the issuance of the 4.25% Convertible Senior Notes. 3.95% Promissory Note On February 27, 2017, the Company converted its outstanding revolving credit facility of $9,441 into a three-year mortgage loan primarily collateralized by a retail shopping center in Melbourne, Florida. Shortly after the loan conversion, the Company withdrew an additional amount of $109, thereby increasing the loan amount to $9,550. The loan bears a fixed annual interest rate of 3.95%. Approximately $50 of principal and interest is payable in 35 monthly installments beginning March 17, 2017 plus a final balloon payment of $8,891 including principal and unpaid interest payable on February 17, 2020. The promissory note may be repaid in part or in full at any time without penalty. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Reinsurance | Note 9 — Reinsurance The Company cedes a portion of its homeowners’ insurance exposure to other entities under catastrophe excess of loss reinsurance treaties and one quota share reinsurance agreement. Under the terms of the quota share reinsurance agreement effective January 1, 2017, the Company is entitled to a 30% ceding commission on ceded premiums written. The Company remains liable for claims payments in the event that any reinsurer is unable to meet its obligations under the reinsurance agreements. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The Company contracts with a number of reinsurers to secure its annual reinsurance coverage, which generally becomes effective June 1st each year. The Company purchases reinsurance each year taking into consideration probable maximum losses and reinsurance market conditions. The impact of the reinsurance treaties on premiums written and earned is as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Premiums Written: Direct $ 134,609 $ 139,761 $ 206,995 $ 215,400 Assumed (160 ) (280 ) (1,121 ) (359 ) Gross written 134,449 139,481 205,874 215,041 Ceded (28,241 ) (36,384 ) (56,824 ) (76,756 ) Net premiums written $ 106,208 $ 103,097 $ 149,050 $ 138,285 Premiums Earned: Direct $ 86,308 $ 94,046 $ 172,580 $ 190,899 Assumed 3,780 866 9,127 2,832 Gross earned 90,088 94,912 181,707 193,731 Ceded (28,241 ) (36,384 ) (56,824 ) (76,756 ) Net premiums earned $ 61,847 $ 58,528 $ 124,883 $ 116,975 During the three and six months ended June 30, 2017, reinsurance recoveries of $5 were deducted from losses incurred. During the three and six months ended June 30, 2016, there were no recoveries pertaining to reinsurance contracts that were deducted from losses incurred. At June 30, 2017 and December 31, 2016, there were 37 and 35 reinsurers, respectively, participating in the Company’s reinsurance program. At June 30, 2017, there was $5 of reinsurance receivable included in other assets of the consolidated balance sheet compared with $0 at December 31, 2016. Thus, the concentration of credit risk associated with reinsurance receivable as of June 30, 2017 was insignificant compared with none at December 31, 2016. In addition, based on the insurance ratings and the financial strength of the reinsurers, management believes there was no significant credit risk associated with its reinsurers’ obligations to perform on any prepaid reinsurance contract as of June 30, 2017 and December 31, 2016. Certain of the reinsurance contracts include retrospective provisions that adjust premiums, increase the amount of future coverage, or result in a profit commission in the event losses are minimal or zero. These adjustments are reflected in the consolidated statements of income as net reductions in ceded premiums of $3,634 and $3,001 for the three months ended June 30, 2017 and 2016, respectively, of which $936 and $413 related to the Company’s contract with Oxbridge Reinsurance Limited, a related party. For the six months ended June 30, 2017 and 2016, these adjustments were $6,956 and $5,822, respectively, of which $1,512 and $740 related to the Company’s contract with Oxbridge. In June 2016, the Company received a total of $37,800 in cash benefits related to two retrospective reinsurance contracts that terminated May 31, 2016 of which $7,560 was received from Oxbridge. In addition, these adjustments are reflected in other assets and prepaid reinsurance premiums. At June 30, 2017 and December 31, 2016, other assets included $11,269 and $5,810, respectively, of which $2,253 and $1,043 related to the contract with Oxbridge and prepaid reinsurance premiums included $3,648 and $2,152, respectively, of which $639 and $338 related to the contract with Oxbridge. Management believes the credit risk associated with the collectability of these accrued benefits is minimal as the amount receivable is concentrated with one reinsurer and the Company monitors the creditworthiness of this reinsurer based on available information about the reinsurer’s financial position. |
Losses and Loss Adjustment Expe
Losses and Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Losses and Loss Adjustment Expenses | Note 10 — Losses and Loss Adjustment Expenses The liability for losses and loss adjustment expenses is determined on an individual case basis for all claims reported. The liability also includes amounts for unallocated expenses, anticipated future claim development and losses incurred, but not reported. Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Gross balance, beginning of period $ 69,911 $ 53,271 $ 70,492 $ 51,690 Incurred, net of reinsurance, related to: Current period 22,165 20,803 45,373 47,420 Prior period 5,500 5,469 7,821 5,932 Total incurred, net of reinsurance 27,665 26,272 53,194 53,352 Paid, net of reinsurance, related to: Current period (12,859 ) (14,239 ) (19,504 ) (22,596 ) Prior period (11,633 ) (10,577 ) (31,098 ) (27,719 ) Total paid, net of reinsurance (24,492 ) (24,816 ) (50,602 ) (50,315 ) Net balance, end of period 73,084 54,727 73,084 54,727 Add: reinsurance recoverable 5 — 5 — Gross balance, end of period $ 73,089 $ 54,727 $ 73,089 $ 54,727 The establishment of loss reserves is an inherently uncertain process and changes in loss reserve estimates are expected as these estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such estimates are adjusted. During the three and six months ended June 30, 2017, the Company experienced unfavorable development of $5,500 and $7,821, respectively, of which $3,249 and $5,740, respectively, pertain to claims in the 2016 loss year. The Company writes insurance in the state of Florida, which could be exposed to hurricanes or other natural catastrophes. The occurrence of a major catastrophe could have a significant effect on the Company’s quarterly results and cause a temporary disruption of the normal operations of the Company. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 11 — Segment Information The Company’s businesses consist of four operating divisions: property and casualty insurance, reinsurance, investment real estate and information technology. The Company’s chief executive officer, who serves as the Company’s chief operating decision maker, evaluates each division’s financial and operating performances based on revenue and operating income. The Company aggregates its operating divisions into segments based on organizational structure and revenue source. Due to their economic characteristics, the Company’s property and casualty insurance division and reinsurance division are grouped together into one reportable segment under insurance operations. For the three months ended June 30, 2017 and 2016, revenues from the Company’s insurance operations before intracompany elimination represented 96.7% and 97.4%, respectively, of total revenues of all operating segments. For the six months ended June 30, 2017 and 2016, revenues from the Company’s insurance operations before intracompany elimination represented 96.6% and 97.3%, respectively, of total revenues of all operating segments. At June 30, 2017 and December 31, 2016, insurance operations’ total assets represented 87.4% and 87.9%, respectively, of the combined assets of all operating segments. There was no other operating division representing ten percent or more of the Company’s total revenues or combined assets. In addition, there was no other operating division representing ten percent or more of the greater, in absolute amount, of the combined profits of all operating divisions reporting a profit or the combined losses of all operating divisions reporting a loss. The following tables present segment information reconciled to the Company’s consolidated statements of income. Other non-reportable divisions are combined and disclosed in Corporate and Other. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below. Insurance Corporate/ Reclassification/ Three Months Ended June 30, 2017 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 61,847 $ — $ — $ 61,847 Net investment income 2,217 790 (197 ) 2,810 Net realized investment gains (losses) 1,813 (26 ) — 1,787 Net other-than-temporary impairment losses (177 ) — — (177 ) Policy fee income 908 — — 908 Other 138 2,896 (2,629 ) 405 Total revenue 66,746 3,660 (2,826 ) 67,580 Expenses: Losses and loss adjustment expenses 27,665 — — 27,665 Amortization of deferred policy acquisition costs 8,785 — — 8,785 Interest expense — 4,378 — 4,378 Loss on repurchases of senior notes — 743 — 743 Depreciation and amortization 33 728 (472 ) 289 Other 8,077 5,692 (2,354 ) 11,415 Total expenses 44,560 11,541 (2,826 ) 53,275 Income before income taxes $ 22,186 $ (7,881 ) $ — $ 14,305 Insurance Corporate/ Reclassification/ Three Months Ended June 30, 2016 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 58,528 $ — $ — $ 58,528 Net investment income 1,736 250 (261 ) 1,725 Net realized investment gains 382 9 — 391 Net other-than-temporary impairment losses (540 ) (2 ) — (542 ) Policy fee income 988 — — 988 Other 211 2,156 (1,937 ) 430 Total revenue 61,305 2,413 (2,198 ) 61,520 Expenses: Losses and loss adjustment expenses 26,272 — — 26,272 Amortization of deferred policy acquisition costs 9,528 — — 9,528 Interest expense — 2,611 — 2,611 Depreciation and amortization 50 386 (95 ) 341 Other 8,545 5,097 (2,103 ) 11,539 Total expenses 44,395 8,094 (2,198 ) 50,291 Income before income taxes $ 16,910 $ (5,681 ) $ — $ 11,229 (a) Other revenue under corporate and other primarily consisted of rental income from investment properties and revenue from restaurant and marina businesses. Insurance Corporate/ Reclassification/ Six Months Ended June 30, 2017 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 124,883 $ — $ — $ 124,883 Net investment income 4,590 1,476 (422 ) 5,644 Net realized investment gains 2,419 83 — 2,502 Net other-than-temporary impairment losses (390 ) — — (390 ) Policy fee income 1,816 — — 1,816 Other 343 5,357 (4,862 ) 838 Total revenue 133,661 6,916 (5,284 ) 135,293 Expenses: Losses and loss adjustment expenses 53,194 — — 53,194 Amortization of deferred policy acquisition costs 17,637 — — 17,637 Interest expense — 7,920 — 7,920 Loss on repurchases of senior notes — 743 — 743 Depreciation and amortization 61 1,442 (931 ) 572 Other 15,446 10,687 (4,353 ) 21,780 Total expenses 86,338 20,792 (5,284 ) 101,846 Income before income taxes $ 47,323 $ (13,876 ) $ — $ 33,447 Insurance Corporate/ Reclassification/ Six Months Ended June 30, 2016 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 116,975 $ — $ — $ 116,975 Net investment income (loss) 3,486 (113 ) (158 ) 3,215 Net realized investment gains (losses) 324 (8 ) — 316 Net other-than-temporary impairment losses (1,201 ) (16 ) — (1,217 ) Policy fee income 1,995 — — 1,995 Gain on repurchases of convertible senior notes — 153 — 153 Other 437 3,807 (3,414 ) 830 Total revenue 122,016 3,823 (3,572 ) 122,267 Expenses: Losses and loss adjustment expenses 53,352 — — 53,352 Amortization of deferred policy acquisition costs 19,339 — — 19,339 Interest expense — 5,440 — 5,440 Depreciation and amortization 100 772 (188 ) 684 Other 16,733 9,177 (3,384 ) 22,526 Total expenses 89,524 15,389 (3,572 ) 101,341 Income before income taxes $ 32,492 $ (11,566 ) $ — $ 20,926 (a) Other revenue under corporate and other primarily consisted of rental income from investment properties and revenue from restaurant and marina businesses. The following table presents segment assets reconciled to the Company’s total assets in the consolidated balance sheets. June 30, December 31, 2017 2016 Segment: Insurance Operations $ 602,474 $ 651,927 Corporate and Other 211,473 116,849 Consolidation and Elimination (21,229 ) (98,712 ) Total assets $ 792,718 $ 670,064 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 — Income Taxes During the three months ended June 30, 2017 and 2016, the Company recorded approximately $4,763 and $4,205, respectively, of income taxes, which resulted in effective tax rates of 33.3% and 37.4%, respectively. During the six months ended June 30, 2017 and 2016, the Company recorded approximately $11,885 and $7,846, respectively, of income taxes, which resulted in effective tax rates of 35.5% and 37.5%, respectively. The decrease in the 2017 effective tax rate was primarily attributable to tax benefits recognized from the exercise of common stock options during the second quarter of 2017. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state and foreign income taxes as well as certain nondeductible and tax-exempt items. In July 2017, the Company received notice from the Internal Revenue Service stating the Company’s 2015 federal income tax return will be examined. The examination is expected to begin during the third quarter of 2017. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13 — Earnings Per Share U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings per share during periods of net income. A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below. Three Months Ended Three Months Ended June 30, 2017 June 30, 2016 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income $ 9,542 $ 7,024 Less: Income attributable to participating securities (572 ) (306 ) Basic Earnings Per Share: Income allocated to common stockholders 8,970 8,503 $ 1.05 6,718 9,399 $ 0.71 Effect of Dilutive Securities: Stock options — 41 — 62 Convertible senior notes 2,514 3,790 1,018 1,446 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 11,484 12,334 $ 0.93 $ 7,736 10,907 $ 0.71 Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income $ 21,562 $ 13,080 Less: Income attributable to participating securities (1,281 ) (608 ) Basic Earnings Per Share: Income allocated to common stockholders 20,281 8,727 $ 2.32 12,472 9,489 $ 1.31 Effect of Dilutive Securities: Stock options — 43 — 62 Convertible senior notes* 4,013 2,988 — — Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 24,294 11,758 $ 2.07 $ 12,472 9,551 $ 1.31 * Excluded in 2016 due to anti-dilutive effect. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Note 14 — Stockholders’ Equity Common Stock In December 2016, the Company’s Board of Directors authorized a one-year plan to repurchase up to $20,000 of the Company’s common shares before commissions and fees. During the three months ended June 30, 2017, the Company repurchased and retired a total of 900 shares at a weighted average price per share of $44.26 under this repurchase plan. The total cost of shares repurchased, inclusive of fees and commissions, during the three months ended June 30, 2017 was $40, or $44.30 per share. During the six months ended June 30, 2017, the Company repurchased and retired a total of 38,416 shares at a weighted average price per share of $41.36 under this authorized repurchase plan. The total cost of shares repurchased, inclusive of fees and commissions, during the six months ended June 30, 2017 was $1,590, or $41.40 per share. In December 2015, the Company’s Board of Directors authorized a one-year plan to repurchase up to $20,000 of the Company’s common shares before commissions and fees. During the three months ended June 30, 2016, the Company repurchased and retired a total of 189,938 shares at a weighted average price per share of $31.59 under this repurchase plan. The total cost of shares repurchased, inclusive of fees and commissions, during the three months ended June 30, 2016 was $6,008, or $31.63 per share. During the six months ended June 30, 2016, the Company repurchased and retired a total of 376,796 shares at a weighted average price per share of $31.85. The total cost of shares repurchased, inclusive of fees and commissions, during the six months ended June 30, 2016 was $12,015, or $31.89 per share. On July 6, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.35 per common share. The dividends are payable on September 15, 2017 to shareholders of record on August 18, 2017. Share Repurchase Agreements In conjunction with the issuance of the 4.25% Convertible Notes as described in Note 8 — “Long-Term Debt” under Convertible Senior Notes Prepaid Share Repurchase Forward Contracts The Company has two outstanding prepaid share repurchase forward contracts, one of which was entered into with Deutsche Bank AG, London Branch in conjunction with the issuance of the 3.875% Convertible Notes. The other was entered into with Societe Generale in conjunction with the issuance of the 4.25% Convertible Notes as described in Note 8 — “Long-Term Debt” under Convertible Senior Notes Each forward contract is subject to early settlement, in whole or in part, at any time prior to the final settlement date at the option of each forward counterparty, as well as early settlement or settlement with alternative consideration in the event of certain corporate transactions. In the event the Company pays any cash dividends on its common shares, each forward counterparty will pay an equivalent amount to the Company. The shares to be purchased under the forward contracts will be treated as retired for financial statement purposes as of the effective date of each forward contract, but will remain outstanding for corporate law purposes, including for purposes of any future stockholders votes. The Company determined that each forward contract does not meet the characteristics of a derivative instrument and, as such, the transaction resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for both basic and diluted earnings per share. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 15 — Stock-Based Compensation Incentive Plans The Company currently has outstanding stock-based awards granted under the 2007 Stock Option and Incentive Plan and the 2012 Omnibus Incentive Plan. Only the 2012 Plan is active and available for future grants. On March 17, 2017, the Company’s board of directors amended the 2012 Omnibus Incentive Plan and reduced the number of shares reserved under the plan from 5,000,000 shares to 3,000,000 shares. At June 30, 2017, there were 1,982,763 shares available for grant. Stock Options Stock options granted and outstanding under the incentive plans vest over periods ranging from immediately vested to five years and are exercisable over the contractual term of ten years. A summary of the stock option activity for the three and six months ended June 30, 2017 and 2016 is as follows (option amounts not in thousands): Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at January 1, 2017 50,000 $ 4.02 2.3 years $ 1,773 Granted 110,000 $ 40.00 Outstanding at March 31, 2017 160,000 $ 28.76 7.4 years $ 2,591 Exercised (30,000 ) $ 2.50 Outstanding at June 30, 2017 130,000 $ 34.82 8.7 years $ 1,675 Exercisable at June 30, 2017 20,000 $ 6.30 4.2 years $ 828 Outstanding at January 1, 2016 110,000 $ 3.19 2.3 years $ 3,482 Outstanding at March 31, 2016 110,000 $ 3.19 2.1 years $ 3,312 Outstanding at June 30, 2016 110,000 $ 3.19 1.8 years $ 2,650 Exercisable at June 30, 2016 110,000 $ 3.19 1.8 years $ 2,650 The aggregate intrinsic value and realized tax benefits of the options exercised during the three and six months ended June 30, 2017 were $1,319 and $509. There were no options exercised during the three and six months ended June 30, 2016. For the three months ended June 30, 2017 and 2016, the Company recognized $53 and $0, respectively, of compensation expense. For the six months ended June 30, 2017 and 2016, the Company recognized $149 and $0, respectively, of compensation expense which was included in other operating expenses. Deferred tax benefits related to stock options were $21 and $0 for the three months ended June 30, 2017 and 2016, respectively, and $58 and $0 for the six months ended June 30, 2017 and 2016, respectively. At June 30, 2017 and December 31, 2016, there was $1,098 and $0, respectively, of unrecognized compensation expense related to nonvested stock options. The Company expects to recognize the remaining compensation expense over a weighted-average period of 3.5 years. The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the six months ended June 30, 2017: Expected dividend yield 3.53 % Expected volatility 42.86 % Risk-free interest rate 1.92 % Expected life (in years) 5 Restricted Stock Awards From time to time, the Company has granted and may grant restricted stock awards to its executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. The determination of fair value with respect to the awards concerning only performance or service-based conditions is based on the market value of the Company’s common stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the three and six months ended June 30, 2017 and 2016 is as follows: Number of Weighted Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2017 542,503 $ 30.81 Granted 45,000 $ 40.15 Vested (20,109 ) $ 48.42 Forfeited (926 ) $ 35.52 Nonvested at March 31, 2017 566,468 $ 30.92 Granted 109,936 $ 44.05 Vested (45,874 ) $ 34.51 Forfeited (9,948 ) $ 40.90 Nonvested at June 30, 2017 620,582 $ 32.82 Nonvested at January 1, 2016 620,513 $ 30.33 Vested (20,917 ) $ 48.42 Cancelled (160,000 ) $ 26.27 Forfeited (750 ) $ 45.25 Nonvested at March 31, 2016 438,846 $ 30.93 Granted 102,440 $ 32.21 Vested (24,235 ) $ 37.34 Forfeited (5,147 ) $ 42.20 Nonvested at June 30, 2016 511,904 $ 30.77 The Company recognized compensation expense related to restricted stock, which is included in other operating expenses, of $984 and $967 for the three months ended June 30, 2017 and 2016, respectively, and $1,990 and $1,948 for the six months ended June 30, 2017 and 2016, respectively. At June 30, 2017 and December 31, 2016, there was approximately $11,751 and $7,531, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 26 months. The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the three and six months ended June 30, 2017 and 2016. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Deferred tax benefits recognized $ 341 $ 372 $ 694 $ 751 Tax benefits realized for restricted stock and paid dividends $ 816 $ 338 $ 1,183 $ 637 Fair value of vested restricted stock $ 1,583 $ 905 $ 2,557 $ 1,918 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 — Commitments and Contingencies Obligations under Multi-Year Reinsurance Contracts As of June 30, 2017, the Company has contractual obligations related to multi-year reinsurance contracts. These contracts have effective dates of June 1, 2016 and may be cancelled only with the other party’s consent. The future minimum aggregate premiums amount payable to the reinsurers due in June 2018 is $19,400. Capital Commitment As described in Note 4 — “Investments” under Limited Partnership Investments |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 17 — Related Party Transactions Claddaugh Casualty Insurance Company, Ltd., the Company’s Bermuda domiciled reinsurance subsidiary, has a reinsurance agreement with Oxbridge Reinsurance Limited whereby a portion of the business assumed from the Company’s insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is ceded by Claddaugh to Oxbridge. With respect to the period from June 1, 2016 through May 31, 2017, Oxbridge assumed $6,000 of the total covered exposure for approximately $3,400 in premiums. With respect to the period from June 1, 2017 through May 31, 2018, Oxbridge assumed $7,400 of the total covered exposure for approximately $3,400 in premiums. See Note 9 — Reinsurance – which includes the amounts due from and paid by Oxbridge during the six months ended June 30, 2017 and 2016 with respect to benefits accrued in connection with the Oxbridge agreements. The premiums charged by Oxbridge are at rates which management believes to be competitive with market rates available to Claddaugh. Oxbridge has deposited funds into a trust account to satisfy certain collateral requirements under its reinsurance contract with Claddaugh. Trust assets may be withdrawn by Claddaugh, the trust beneficiary, in the event amounts are due under the Oxbridge reinsurance agreements. Among the Oxbridge shareholders are Paresh Patel, the Company’s chief executive officer, who is also chairman of the board of directors for Oxbridge, and members of his immediate family and three of the Company’s non-employee directors including Sanjay Madhu who serves as Oxbridge’s president and chief executive officer. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited, consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s financial position as of June 30, 2017 and the results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ending December 31, 2017. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016 included in the Company’s Form 10-K, which was filed with the SEC on February 22, 2017. In preparing the interim unaudited consolidated financial statements, management was required to make certain judgments, assumptions, and estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex and consequently actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term are related to the Company’s losses and loss adjustment expenses, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies for reinsurance contracts with retrospective provisions, deferred income taxes, and stock-based compensation expense involve significant judgments and estimates material to the Company’s consolidated financial statements. All significant intercompany balances and transactions have been eliminated. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Effective January 1, 2017, the Company adopted Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718), which amends the accounting for share-based payment transactions including the related income taxes, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Amendments related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, and forfeitures, which is applied using a modified retrospective transition method, have no impact on the Company’s comparative consolidated financial statements. In addition, the retrospective application of the amendments related to the presentation of employee taxes paid does not have an impact on the Company’s comparative consolidated statement of cash flows. Upon adoption of this standard, the Company elected to account for forfeitures of share-based awards when they occur and apply the amendments related to the presentation of excess tax benefits on the statement of cash flows prospectively. Under the new standard, the Company is required to recognize any excess tax benefits and tax deficiencies in the Company’s consolidated statement of income. |
Long-Term Debt | Long-Term Debt Long-term debt is generally classified as a liability and carried at amortized cost, net of any discount and issuance costs. At issuance, a debt instrument with embedded features such as conversion and redemption options is evaluated to determine whether bifurcation and derivative accounting is applicable. If such instrument is not subject to derivative accounting, it is further evaluated to determine if the Company is required to separately account for the liability and equity components. To determine the carrying values of the liability and equity components at issuance, the Company measures the fair value of a similar liability, including any embedded features other than the conversion option, and assigns such value to the liability component. The liability component’s fair value is then subtracted from the initial proceeds to determine the carrying value of the debt instrument’s equity component, which is included in additional paid-in capital. Any embedded feature other than the conversion option is evaluated at issuance to determine if it is probable that such embedded feature will be exercised. If the Company concludes that the exercisability of that embedded feature is not probable, the embedded feature is considered to be non-substantive and would not impact the initial measurement and expected life of the debt instrument’s liability component. Transaction costs related to issuing a debt instrument that embodies both liability and equity components are allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as debt issuance costs and equity issuance costs, respectively. Debt issuance costs are capitalized and presented as a deduction from the carrying value of the debt. Both debt discount and deferred debt issuance costs are amortized to interest expense over the expected life of the debt instrument using the effective interest method. Equity issuance costs are a reduction to the proceeds allocated to the equity component. |
Common Share Repurchases | Common Share Repurchases The Company primarily repurchases its common stock in the open market through share repurchase programs and from institutional investors in private transactions such as prepaid share repurchase forward contracts and share repurchase agreements. A prepaid share repurchase forward contract is generally a contract that allows a party to buy from the counterparty a specified number of common shares at a specific time at a given forward price. The Company entered into such a contract and evaluated the characteristics of the forward contract to determine whether it met the definition of a derivative financial instrument pursuant to U.S. GAAP. The Company determined the forward contract is an equity contract on the Company’s common shares requiring physical settlement in common shares of the Company. As such, the transaction is recognized as a component of stockholders’ equity and there will be no recognition in earnings for changes in fair value in subsequent periods. In general, the Company first allocates the purchase price or the prepayment amount to additional paid-in capital to the extent available and the remaining balance is allocated to retained income. Due to past and recent share repurchases, the Company’s additional paid-in capital has been exhausted and shall remain so until the Company fully recoups the total amount allocated to retained income. |
Reclassifications | Reclassifications. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities | At June 30, 2017 and December 31, 2016, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows: Cost or Gross Gross Estimated Cost Gain Loss Value As of June 30, 2017 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 47,134 $ 7 $ (95 ) $ 47,046 Corporate bonds 112,603 969 (1,176 ) 112,396 State, municipalities, and political subdivisions 77,429 1,760 (197 ) 78,992 Exchange-traded debt 9,744 254 (39 ) 9,959 Redeemable preferred stock 237 16 — 253 Total 247,147 3,006 (1,507 ) 248,646 Equity securities 52,785 4,292 (925 ) 56,152 Total available-for-sale securities $ 299,932 $ 7,298 $ (2,432 ) $ 304,798 As of December 31, 2016 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 1,975 $ — $ (36 ) $ 1,939 Corporate bonds 75,538 607 (1,641 ) 74,504 State, municipalities, and political subdivisions 78,018 776 (488 ) 78,306 Exchange-traded debt 11,463 36 (237 ) 11,262 Redeemable preferred stock 237 3 (3 ) 237 Total 167,231 1,422 (2,405 ) 166,248 Equity securities 47,750 5,769 (484 ) 53,035 Total available-for-sale securities $ 214,981 $ 7,191 $ (2,889 ) $ 219,283 |
Scheduled Contractual Maturities of Fixed-Maturity Securities | The scheduled contractual maturities of fixed-maturity securities as of June 30, 2017 and December 31, 2016 are as follows: Amortized Estimated Cost Fair Value As of June 30, 2017 Available-for-sale Due in one year or less $ 30,824 $ 30,820 Due after one year through five years 122,542 122,184 Due after five years through ten years 70,671 71,860 Due after ten years 23,110 23,782 $ 247,147 $ 248,646 Amortized Estimated Cost Fair Value As of December 31, 2016 Available-for-sale Due in one year or less $ 2,656 $ 2,662 Due after one year through five years 49,915 50,023 Due after five years through ten years 90,360 89,332 Due after ten years 24,300 24,231 $ 167,231 $ 166,248 |
Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities | Sales of Available-for-Sale Securities Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and six months ended June 30, 2017 and 2016 were as follows: Gross Gross Proceeds Gains Losses Three months ended June 30, 2017 Fixed-maturity securities $ 2,434 $ 6 $ (18 ) Equity securities $ 13,631 $ 2,090 $ (291 ) Three months ended June 30, 2016 Fixed-maturity securities $ 32,424 $ 376 $ — Equity securities $ 4,801 $ 220 $ (205 ) Six months ended June 30, 2017 Fixed-maturity securities $ 6,873 $ 29 $ (22 ) Equity securities $ 20,902 $ 2,835 $ (340 ) Six months ended June 30, 2016 Fixed-maturity securities $ 33,524 $ 383 $ — Equity securities $ 9,155 $ 359 $ (426 ) |
Rollforward of Cumulative Credit Losses in Other-Than-Temporary Impairments Recognized in Income from Available for Sale Fixed-Maturity Securities | The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in income from available for sale fixed-maturity securities. 2017 2016 Balance at January 1 $ 475 $ 111 Additional credit impairments on previously impaired securities — 293 Balance at March 31 475 404 Credit impaired security fully disposed of for which there was no prior intent or requirement to sell — (385 ) Reduction due to increase in expected cash flows recognized over the remaining life of the previously impaired security — (19 ) Balance at June 30 $ 475 $ — |
Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category | Securities with gross unrealized loss positions at June 30, 2017 and December 31, 2016, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of June 30, 2017 Loss Value Loss Value Loss Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (95 ) $ 45,148 $ — $ — $ (95 ) $ 45,148 Corporate bonds (1,169 ) 76,604 (7 ) 993 (1,176 ) 77,597 State, municipalities, and political subdivisions (165 ) 10,715 (32 ) 2,635 (197 ) 13,350 Exchange-traded debt (39 ) 3,428 — — (39 ) 3,428 Total fixed-maturity securities (1,468 ) 135,895 (39 ) 3,628 (1,507 ) 139,523 Equity securities (869 ) 15,837 (56 ) 1,295 (925 ) 17,132 Total available-for-sale securities $ (2,337 ) $ 151,732 $ (95 ) $ 4,923 $ (2,432 ) $ 156,655 At June 30, 2017, there were 140 securities in an unrealized loss position. Of these securities, ten securities had been in an unrealized loss position for 12 months or longer. The gross unrealized loss of corporate bonds in an unrealized loss position for less than twelve months included $236 of other-than-temporary impairment losses related to non-credit factors. Less Than Twelve Twelve Months or Longer Total Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair As of December 31, 2016 Loss Value Loss Value Loss Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (36 ) $ 1,939 $ — $ — $ (36 ) $ 1,939 Corporate bonds (1,546 ) 43,859 (95 ) 2,814 (1,641 ) 46,673 State, municipalities, and political subdivisions (441 ) 26,029 (47 ) 3,036 (488 ) 29,065 Exchange-traded debt (191 ) 4,980 (46 ) 1,954 (237 ) 6,934 Redeemable preferred stock (3 ) 47 — — (3 ) 47 Total fixed-maturity securities (2,217 ) 76,854 (188 ) 7,804 (2,405 ) 84,658 Equity securities (293 ) 10,042 (191 ) 3,209 (484 ) 13,251 Total available-for-sale securities $ (2,510 ) $ 86,896 $ (379 ) $ 11,013 $ (2,889 ) $ 97,909 |
Schedule of Company's Investments in Limited Partnerships | The following table provides information related to the Company’s investments in limited partnerships. June 30, 2017 December 31, 2016 Carrying Unfunded Carrying Unfunded Investment Strategy Value Balance (%)(a) Value Balance (%)(a) Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e) $ 7,203 $ 5,505 15.37 $ 6,246 $ 6,428 16.50 Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e) 6,942 2,217 1.76 7,358 1,360 1.76 Maximum long-term capital appreciation through long and short positions in equity and/or debt securities of publicly traded U.S. and non-U.S. issuers, derivative instruments and certain other financial instruments. (f) — — — 11,333 — 66.58 High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(g)(h) 5,755 4,343 0.18 4,326 5,766 0.18 Total $ 19,900 $ 12,065 $ 29,263 $ 13,554 (a) Represents the Company’s percentage investment in the fund at each balance sheet date. (b) Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated. (c) Expected to have a 10-year term and the capital commitment is expected to expire on September 3, 2019. (d) Expected to have a three-year term from the end of the capital commitment period, which is March 31, 2018. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods. (f) The withdrawal was effective on February 15, 2017. As a result, the Company’s investment in this limited partnership was terminated. (g) Expected to have a 10-year term and the capital commitment is expected to expire on June 30, 2020. (h) With the consent of a super majority of partners, the term of the fund may be extended for up to three additional one-year periods. |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following tables provide FMKT Mel JV’s summarized unaudited financial results and the unaudited financial positions: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Operating results: Total revenues and gain $ — $ 181 $ 331 $ 714 Total expenses (33 ) (247 ) (65 ) (483 ) Net (loss) income $ (33 ) $ (66 ) $ 266 $ 231 The Company’s share of net (loss) income* $ (30 ) $ (59 ) $ 142 $ 228 * Included in net investment income in the Company’s consolidated statements of income. June 30, December 31, 2017 2016 Balance Sheet: Construction in progress—real estate $ 328 $ 334 Property and equipment, net 1,226 1,654 Cash 144 179 Other 180 180 Total assets $ 1,878 $ 2,347 Accounts payable $ 2 $ 11 Other liabilities 10 — Members’ capital 1,866 2,336 Total liabilities and members’ capital $ 1,878 $ 2,347 Investment in unconsolidated joint venture, at equity* $ 1,680 $ 2,102 * Included the 90% share of FMKT Mel JV’s operating results. |
Summary of Real Estate Investment | Real estate investments consist of the following as of June 30, 2017 and December 31, 2016. June 30, December 31, 2017 2016 Land $ 17,592 $ 17,592 Land improvements 9,370 9,336 Buildings 16,601 16,154 Tenant and leasehold improvements 940 872 Construction in progress* 4,481 3,404 Other 2,945 2,683 Total, at cost 51,929 50,041 Less: accumulated depreciation and amortization (2,643 ) (1,955 ) Real estate investments $ 49,286 $ 48,086 * This project, which was developed by the Company’s consolidated variable interest entity, was near completion at June 30, 2017. |
Investment (Loss) Income Summarized | Net investment income (loss), by source, is summarized as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Available-for-sale securities: Fixed-maturity securities $ 1,403 $ 1,131 $ 2,640 $ 2,230 Equity securities 797 784 1,671 1,735 Investment expense (191 ) (161 ) (350 ) (323 ) Limited partnership investments 560 (196 ) 1,332 (1,065 ) Real estate investments (168 ) (53 ) (564 ) (83 ) (Loss) income from unconsolidated joint venture (30 ) (59 ) 142 228 Cash and cash equivalents 439 268 767 470 Other — 11 6 23 Net investment income $ 2,810 $ 1,725 $ 5,644 $ 3,215 |
Variable Interest Entity [Member] | |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following table summarizes the assets and liabilities related to this variable interest entity which are included in the accompanying consolidated balance sheets. June 30, December 31, 2017 2016 Cash and cash equivalents $ 69 $ 65 Construction in progress included in real estate investments $ 4,481 $ 3,404 Other assets $ 49 $ — Accrued expenses $ 117 $ 68 Other liabilities $ 17 $ 11 |
Limited Partnership [Member] | |
Summary of Unaudited Financial Information and Unaudited Financial Position | The following is the aggregated summarized unaudited financial information of limited partnerships included in the investment strategy table above, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. In applying the equity method of accounting, the Company uses the most recently available financial information provided by the general partner of each of these partnerships. The financial statements of these limited partnerships are audited annually. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Operating results: Total income $ 157,433 $ (6,987 ) $ 229,750 $ (23,069 ) Total expenses (26,177 ) (27,401 ) (53,819 ) (130,022 ) Net income (loss) $ 131,256 $ (34,388 ) $ 175,931 $ (153,091 ) June 30, December 31, 2017 2016 Balance Sheet: Total assets $ 3,891,172 $ 2,956,327 Total liabilities $ 180,945 $ 63,813 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income or Loss and Related Tax Effects Allocated to Each Component | The components of other comprehensive income or loss and the related tax effects allocated to each component were as follows: Three Months Ended Three Months Ended June 30, 2017 June 30, 2016 Income Tax Income Tax Before Expense Net of Before Expense Net of Tax (Benefit) Tax Tax (Benefit) Tax Unrealized gain arising during the period $ 654 $ 252 $ 402 $ 5,893 $ 2,274 $ 3,619 Other-than-temporary impairment loss 177 69 108 542 209 333 Call and repayment losses charged to investment income 8 3 5 10 4 6 Reclassification adjustment for realized gains (1,787 ) (689 ) (1,098 ) (391 ) (151 ) (240 ) Total other comprehensive (loss) income $ (948 ) $ (365 ) $ (583 ) $ 6,054 $ 2,336 $ 3,718 Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Income Tax Income Tax Before Expense Net of Before Expense Net of Tax (Benefit) Tax Tax (Benefit) Tax Unrealized gain arising during the period $ 2,667 $ 1,029 $ 1,638 $ 8,056 $ 3,108 $ 4,948 Other-than-temporary impairment loss 390 150 240 1,217 470 747 Call and repayment losses charged to investment income 9 4 5 11 4 7 Reclassification adjustment for realized gains (2,502 ) (965 ) (1,537 ) (316 ) (122 ) (194 ) Total other comprehensive income $ 564 $ 218 $ 346 $ 8,968 $ 3,460 $ 5,508 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Components of Long-Term Debt and Methods Used in Estimating Fair Values | The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values: Maturity Valuation Methodology 8% Senior Notes * Closing price listed on the New York Stock Exchange 3.875% Convertible Senior Notes 2019 Quoted price at June 30, 2017; Discounted cash flow method/Level 3 inputs at December 31, 2016 4.25% Convertible Senior Notes 2037 Discounted cash flow method/Level 3 inputs 3.95% Promissory Note 2020 Discounted cash flow method/Level 3 inputs 4% Promissory Note 2031 Discounted cash flow method/Level 3 inputs 3.75% Promissory Note 2036 Discounted cash flow method/Level 3 inputs * Redeemed on April 3, 2017. |
Assets Measured at Estimated Fair Value on a Recurring Basis | The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2017 and December 31, 2016: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of June 30, 2017 Financial Assets: Cash and cash equivalents $ 296,520 $ — $ — $ 296,520 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 45,543 1,503 — 47,046 Corporate bonds 111,402 994 — 112,396 State, municipalities, and political subdivisions — 78,992 — 78,992 Exchange-traded debt 9,959 — — 9,959 Redeemable preferred stock 253 — — 253 Total fixed-maturity securities 167,157 81,489 — 248,646 Equity securities 56,152 — — 56,152 Total available-for-sale securities 223,309 81,489 — 304,798 Total $ 519,829 $ 81,489 $ — $ 601,318 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2016 Financial Assets: Cash and cash equivalents $ 280,531 $ — $ — $ 280,531 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 1,939 — — 1,939 Corporate bonds 73,519 985 — 74,504 State, municipalities, and political subdivisions — 78,306 — 78,306 Exchange-traded debt 11,262 — — 11,262 Redeemable preferred stock 237 — — 237 Total fixed-maturity securities 86,957 79,291 — 166,248 Equity securities 53,035 — — 53,035 Total available-for-sale securities 139,992 79,291 — 219,283 Total $ 420,523 $ 79,291 $ — $ 499,814 |
Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet | The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of June 30, 2017 and December 31, 2016. Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of June 30, 2017 Financial Assets: Limited partnership investments $ 19,900 $ — $ — $ 19,900 $ 19,900 Financial Liabilities: Long-term debt: 3.875% Convertible senior notes $ 83,676 $ — $ 88,625 $ — $ 88,625 4.25% Convertible senior notes 124,723 — — 123,302 123,302 3.95% Promissory note 9,363 — — 9,442 9,442 4% Promissory note 8,436 — — 8,200 8,200 3.75% Promissory note 8,619 — — 8,065 8,065 Total long-term debt $ 234,817 $ — $ 88,625 $ 237,634 $ 237,634 Carrying Fair Value Measurements Using Estimated Value (Level 1) (Level 2) (Level 3) Fair Value As of December 31, 2016 Financial Assets: Limited partnership investments $ 29,263 $ — $ — $ 29,263 $ 29,263 Financial Liabilities: Revolving credit facility $ 9,463 $ — $ — $ 9,463 $ 9,463 Long-term debt: 8% Senior notes $ 39,448 $ — $ 41,618 $ — $ 41,618 3.875% Convertible senior notes 81,988 — — 84,696 84,696 4% Promissory note 8,660 — — 8,664 8,664 3.75% Promissory note 8,767 — — 8,506 8,506 Total long-term debt $ 138,863 $ — $ 41,618 $ 101,866 $ 143,484 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | The following table summarizes the Company’s other assets: June 30, December 31, 2017 2016 Benefits receivable related to retrospective reinsurance contracts $ 11,269 $ 5,810 Prepaid expenses 2,404 1,581 Lease acquisition costs, net 597 615 Restricted cash 709 600 Other 2,861 2,736 Total other assets $ 17,840 $ 11,342 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | The following table summarizes the Company’s long-term debt. June 30, December 31, 2017 2016 8% Senior Notes, redeemed in April 2017 $ — $ 40,250 3.875% Convertible Senior Notes, due March 15, 2019 89,990 89,990 4.25% Convertible Senior Notes, due March 1, 2037 143,750 — 3.95% Promissory note, due through February 17, 2020 9,473 — 4% Promissory note, due through February 1, 2031 8,587 8,821 3.75% Promissory note, due through September 1, 2036 8,770 8,924 Total principal amount 260,570 147,985 Less: unamortized discount and issuance costs (25,753 ) (9,122 ) Total long-term debt $ 234,817 $ 138,863 |
Summary of Future Maturities of Long-Term Debt | The following table summarizes future maturities of long-term debt as of June 30, 2017, which takes into consideration the assumption that the 4.25% Convertible Senior Notes are repurchased at the earliest call date. Due in 12 months following June 30, 2017 $ 1,029 2018 91,060 2019 9,867 2020 898 2021 144,683 Thereafter 13,033 Total $ 260,570 |
Schedule of Interest Expense Related to Long-Term Debt | Information with respect to interest expense related to long-term debt is as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Interest Expense: Contractual interest $ 2,680 $ 1,767 $ 5,104 $ 3,656 Non-cash expense (a) 1,718 844 2,877 1,784 Capitalized interest (b) (20 ) — (61 ) — Total $ 4,378 $ 2,611 $ 7,920 $ 5,440 (a) Represents amortization of debt discount and issuance costs. (b) Interest was capitalized for a construction project in Riverview, Florida which is intended for lease. |
Summary of Principal and Interest Payment Terms of Convertible Senior Notes | The following table summarizes the principal and interest payment terms of these Convertible Senior Notes: Convertible Senior Notes Interest Payment Terms 3.875% Convertible Notes, due March 15, 2019 Semiannually in arrears: March 15 and September 15 4.25% Convertible Notes, due March 1, 2037 Semiannually in arrears: March 1 and September 1 |
Summary of Equity and Liability Components of the Convertible Senior Notes | The following table summarizes information regarding the equity and liability components of the Convertible Senior Notes: June 30, December 31 2017 2016 Principal amount $ 233,740 $ 89,990 Unamortized discount (20,198 ) (6,795 ) Liability component – net carrying value before issuance costs $ 213,542 $ 83,195 Equity component – conversion, net of offering costs $ 31,051 $ 15,900 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Impact of the Reinsurance Treaties on Premiums Written and Earned | The impact of the reinsurance treaties on premiums written and earned is as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Premiums Written: Direct $ 134,609 $ 139,761 $ 206,995 $ 215,400 Assumed (160 ) (280 ) (1,121 ) (359 ) Gross written 134,449 139,481 205,874 215,041 Ceded (28,241 ) (36,384 ) (56,824 ) (76,756 ) Net premiums written $ 106,208 $ 103,097 $ 149,050 $ 138,285 Premiums Earned: Direct $ 86,308 $ 94,046 $ 172,580 $ 190,899 Assumed 3,780 866 9,127 2,832 Gross earned 90,088 94,912 181,707 193,731 Ceded (28,241 ) (36,384 ) (56,824 ) (76,756 ) Net premiums earned $ 61,847 $ 58,528 $ 124,883 $ 116,975 |
Losses and Loss Adjustment Ex33
Losses and Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Insurance [Abstract] | |
Liability for Unpaid Losses and Loss Adjustment Expenses | Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Gross balance, beginning of period $ 69,911 $ 53,271 $ 70,492 $ 51,690 Incurred, net of reinsurance, related to: Current period 22,165 20,803 45,373 47,420 Prior period 5,500 5,469 7,821 5,932 Total incurred, net of reinsurance 27,665 26,272 53,194 53,352 Paid, net of reinsurance, related to: Current period (12,859 ) (14,239 ) (19,504 ) (22,596 ) Prior period (11,633 ) (10,577 ) (31,098 ) (27,719 ) Total paid, net of reinsurance (24,492 ) (24,816 ) (50,602 ) (50,315 ) Net balance, end of period 73,084 54,727 73,084 54,727 Add: reinsurance recoverable 5 — 5 — Gross balance, end of period $ 73,089 $ 54,727 $ 73,089 $ 54,727 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of Segment Information Reconciled to Consolidated Statements of Income | The following tables present segment information reconciled to the Company’s consolidated statements of income. Other non-reportable divisions are combined and disclosed in Corporate and Other. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below. Insurance Corporate/ Reclassification/ Three Months Ended June 30, 2017 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 61,847 $ — $ — $ 61,847 Net investment income 2,217 790 (197 ) 2,810 Net realized investment gains (losses) 1,813 (26 ) — 1,787 Net other-than-temporary impairment losses (177 ) — — (177 ) Policy fee income 908 — — 908 Other 138 2,896 (2,629 ) 405 Total revenue 66,746 3,660 (2,826 ) 67,580 Expenses: Losses and loss adjustment expenses 27,665 — — 27,665 Amortization of deferred policy acquisition costs 8,785 — — 8,785 Interest expense — 4,378 — 4,378 Loss on repurchases of senior notes — 743 — 743 Depreciation and amortization 33 728 (472 ) 289 Other 8,077 5,692 (2,354 ) 11,415 Total expenses 44,560 11,541 (2,826 ) 53,275 Income before income taxes $ 22,186 $ (7,881 ) $ — $ 14,305 Insurance Corporate/ Reclassification/ Three Months Ended June 30, 2016 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 58,528 $ — $ — $ 58,528 Net investment income 1,736 250 (261 ) 1,725 Net realized investment gains 382 9 — 391 Net other-than-temporary impairment losses (540 ) (2 ) — (542 ) Policy fee income 988 — — 988 Other 211 2,156 (1,937 ) 430 Total revenue 61,305 2,413 (2,198 ) 61,520 Expenses: Losses and loss adjustment expenses 26,272 — — 26,272 Amortization of deferred policy acquisition costs 9,528 — — 9,528 Interest expense — 2,611 — 2,611 Depreciation and amortization 50 386 (95 ) 341 Other 8,545 5,097 (2,103 ) 11,539 Total expenses 44,395 8,094 (2,198 ) 50,291 Income before income taxes $ 16,910 $ (5,681 ) $ — $ 11,229 (a) Other revenue under corporate and other primarily consisted of rental income from investment properties and revenue from restaurant and marina businesses. Insurance Corporate/ Reclassification/ Six Months Ended June 30, 2017 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 124,883 $ — $ — $ 124,883 Net investment income 4,590 1,476 (422 ) 5,644 Net realized investment gains 2,419 83 — 2,502 Net other-than-temporary impairment losses (390 ) — — (390 ) Policy fee income 1,816 — — 1,816 Other 343 5,357 (4,862 ) 838 Total revenue 133,661 6,916 (5,284 ) 135,293 Expenses: Losses and loss adjustment expenses 53,194 — — 53,194 Amortization of deferred policy acquisition costs 17,637 — — 17,637 Interest expense — 7,920 — 7,920 Loss on repurchases of senior notes — 743 — 743 Depreciation and amortization 61 1,442 (931 ) 572 Other 15,446 10,687 (4,353 ) 21,780 Total expenses 86,338 20,792 (5,284 ) 101,846 Income before income taxes $ 47,323 $ (13,876 ) $ — $ 33,447 Insurance Corporate/ Reclassification/ Six Months Ended June 30, 2016 Operations Other(a) Elimination Consolidated Revenue: Net premiums earned $ 116,975 $ — $ — $ 116,975 Net investment income (loss) 3,486 (113 ) (158 ) 3,215 Net realized investment gains (losses) 324 (8 ) — 316 Net other-than-temporary impairment losses (1,201 ) (16 ) — (1,217 ) Policy fee income 1,995 — — 1,995 Gain on repurchases of convertible senior notes — 153 — 153 Other 437 3,807 (3,414 ) 830 Total revenue 122,016 3,823 (3,572 ) 122,267 Expenses: Losses and loss adjustment expenses 53,352 — — 53,352 Amortization of deferred policy acquisition costs 19,339 — — 19,339 Interest expense — 5,440 — 5,440 Depreciation and amortization 100 772 (188 ) 684 Other 16,733 9,177 (3,384 ) 22,526 Total expenses 89,524 15,389 (3,572 ) 101,341 Income before income taxes $ 32,492 $ (11,566 ) $ — $ 20,926 (a) Other revenue under corporate and other primarily consisted of rental income from investment properties and revenue from restaurant and marina businesses. |
Summary of Segment Assets Reconciled to Consolidated Balance Sheet | The following table presents segment assets reconciled to the Company’s total assets in the consolidated balance sheets. June 30, December 31, 2017 2016 Segment: Insurance Operations $ 602,474 $ 651,927 Corporate and Other 211,473 116,849 Consolidation and Elimination (21,229 ) (98,712 ) Total assets $ 792,718 $ 670,064 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Numerator and Denominator of Basic and Fully Diluted Earnings Per Common Share | A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below. Three Months Ended Three Months Ended June 30, 2017 June 30, 2016 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income $ 9,542 $ 7,024 Less: Income attributable to participating securities (572 ) (306 ) Basic Earnings Per Share: Income allocated to common stockholders 8,970 8,503 $ 1.05 6,718 9,399 $ 0.71 Effect of Dilutive Securities: Stock options — 41 — 62 Convertible senior notes 2,514 3,790 1,018 1,446 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 11,484 12,334 $ 0.93 $ 7,736 10,907 $ 0.71 Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income $ 21,562 $ 13,080 Less: Income attributable to participating securities (1,281 ) (608 ) Basic Earnings Per Share: Income allocated to common stockholders 20,281 8,727 $ 2.32 12,472 9,489 $ 1.31 Effect of Dilutive Securities: Stock options — 43 — 62 Convertible senior notes* 4,013 2,988 — — Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 24,294 11,758 $ 2.07 $ 12,472 9,551 $ 1.31 * Excluded in 2016 due to anti-dilutive effect. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Company's Stock Option Plan Activity | A summary of the stock option activity for the three and six months ended June 30, 2017 and 2016 is as follows (option amounts not in thousands): Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Term Value Outstanding at January 1, 2017 50,000 $ 4.02 2.3 years $ 1,773 Granted 110,000 $ 40.00 Outstanding at March 31, 2017 160,000 $ 28.76 7.4 years $ 2,591 Exercised (30,000 ) $ 2.50 Outstanding at June 30, 2017 130,000 $ 34.82 8.7 years $ 1,675 Exercisable at June 30, 2017 20,000 $ 6.30 4.2 years $ 828 Outstanding at January 1, 2016 110,000 $ 3.19 2.3 years $ 3,482 Outstanding at March 31, 2016 110,000 $ 3.19 2.1 years $ 3,312 Outstanding at June 30, 2016 110,000 $ 3.19 1.8 years $ 2,650 Exercisable at June 30, 2016 110,000 $ 3.19 1.8 years $ 2,650 |
Assumptions Used to Estimate the Fair Value of Stock Options Granted | The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the six months ended June 30, 2017: Expected dividend yield 3.53 % Expected volatility 42.86 % Risk-free interest rate 1.92 % Expected life (in years) 5 |
Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan | Information with respect to the activity of unvested restricted stock awards during the three and six months ended June 30, 2017 and 2016 is as follows: Number of Weighted Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2017 542,503 $ 30.81 Granted 45,000 $ 40.15 Vested (20,109 ) $ 48.42 Forfeited (926 ) $ 35.52 Nonvested at March 31, 2017 566,468 $ 30.92 Granted 109,936 $ 44.05 Vested (45,874 ) $ 34.51 Forfeited (9,948 ) $ 40.90 Nonvested at June 30, 2017 620,582 $ 32.82 Nonvested at January 1, 2016 620,513 $ 30.33 Vested (20,917 ) $ 48.42 Cancelled (160,000 ) $ 26.27 Forfeited (750 ) $ 45.25 Nonvested at March 31, 2016 438,846 $ 30.93 Granted 102,440 $ 32.21 Vested (24,235 ) $ 37.34 Forfeited (5,147 ) $ 42.20 Nonvested at June 30, 2016 511,904 $ 30.77 |
Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock | The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the three and six months ended June 30, 2017 and 2016. Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Deferred tax benefits recognized $ 341 $ 372 $ 694 $ 751 Tax benefits realized for restricted stock and paid dividends $ 816 $ 338 $ 1,183 $ 637 Fair value of vested restricted stock $ 1,583 $ 905 $ 2,557 $ 1,918 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | $ 247,147 | $ 167,231 |
Equity securities, Cost or Amortized Cost | 52,785 | 47,750 |
Total available-for-sale securities, Cost or Amortized Cost | 299,932 | 214,981 |
Total available-for-sale securities, Gross Unrealized Gain | 3,006 | 1,422 |
Total available-for-sale securities, Gross Unrealized Gain | 4,292 | 5,769 |
Total available-for-sale securities, Gross Unrealized Gain | 7,298 | 7,191 |
Total available-for-sale securities, Gross Unrealized Loss | (1,507) | (2,405) |
Total available-for-sale securities, Gross Unrealized Loss | (925) | (484) |
Total available-for-sale securities, Gross Unrealized Loss | (2,432) | (2,889) |
Fixed-maturity securities, Estimated Fair Value | 248,646 | 166,248 |
Equity securities, Estimated Fair Value | 56,152 | 53,035 |
Total available-for-sale securities, Estimated Fair Value | 304,798 | 219,283 |
Fixed-Maturity Securities [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 47,134 | 1,975 |
Total available-for-sale securities, Gross Unrealized Gain | 7 | |
Total available-for-sale securities, Gross Unrealized Loss | (95) | (36) |
Fixed-maturity securities, Estimated Fair Value | 47,046 | 1,939 |
Fixed-Maturity Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 112,603 | 75,538 |
Total available-for-sale securities, Gross Unrealized Gain | 969 | 607 |
Total available-for-sale securities, Gross Unrealized Loss | (1,176) | (1,641) |
Fixed-maturity securities, Estimated Fair Value | 112,396 | 74,504 |
Fixed-Maturity Securities [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 77,429 | 78,018 |
Total available-for-sale securities, Gross Unrealized Gain | 1,760 | 776 |
Total available-for-sale securities, Gross Unrealized Loss | (197) | (488) |
Fixed-maturity securities, Estimated Fair Value | 78,992 | 78,306 |
Fixed-Maturity Securities [Member] | Exchange-Traded Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 9,744 | 11,463 |
Total available-for-sale securities, Gross Unrealized Gain | 254 | 36 |
Total available-for-sale securities, Gross Unrealized Loss | (39) | (237) |
Fixed-maturity securities, Estimated Fair Value | 9,959 | 11,262 |
Fixed-Maturity Securities [Member] | Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed-maturity securities, Cost or Amortized Cost | 237 | 237 |
Total available-for-sale securities, Gross Unrealized Gain | 16 | 3 |
Total available-for-sale securities, Gross Unrealized Loss | (3) | |
Fixed-maturity securities, Estimated Fair Value | $ 253 | $ 237 |
Investments - Scheduled Contrac
Investments - Scheduled Contractual Maturities of Fixed-Maturity Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale | ||
Due in one year or less, Amortized Cost | $ 30,824 | $ 2,656 |
Due after one year through five years, Amortized Cost | 122,542 | 49,915 |
Due after five years through ten years, Amortized Cost | 70,671 | 90,360 |
Due after ten years, Amortized Cost | 23,110 | 24,300 |
Fixed-maturity securities, Cost or Amortized Cost | 247,147 | 167,231 |
Due in one year or less, Fair Value | 30,820 | 2,662 |
Due after one year through five years, Fair Value | 122,184 | 50,023 |
Due after five years through ten years, Fair Value | 71,860 | 89,332 |
Due after ten years, Fair Value | 23,782 | 24,231 |
Fair Value Total | $ 248,646 | $ 166,248 |
Investments - Summary of Procee
Investments - Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fixed-Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds | $ 2,434 | $ 32,424 | $ 6,873 | $ 33,524 |
Gross Realized Gains | 6 | 376 | 29 | 383 |
Gross Realized Losses | (18) | (22) | ||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds | 13,631 | 4,801 | 20,902 | 9,155 |
Gross Realized Gains | 2,090 | 220 | 2,835 | 359 |
Gross Realized Losses | $ (291) | $ (205) | $ (340) | $ (426) |
Investments (Other-than-tempora
Investments (Other-than-temporary Impairment) - Additional Information (Detail) $ in Thousands | Jun. 30, 2016Securities | Jun. 30, 2017USD ($)Securities | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Securities | Jun. 30, 2016USD ($)Securities | Dec. 31, 2016USD ($)Securities |
Schedule of Investments [Line Items] | ||||||
Other-than-temporary impairment losses | $ 177 | $ 542 | $ 390 | $ 1,217 | ||
Other-than-temporary impairment losses related to additional loss | $ 177 | 228 | $ 390 | 636 | ||
Number of securities in an unrealized loss position | Securities | 140 | 140 | 134 | |||
Number of securities had been in an unrealized loss position for 12 months or longer | Securities | 10 | 10 | 20 | |||
Fixed-Maturity Securities [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Other-than-temporary impairment losses, number of securities sold | Securities | 1 | 1 | 2 | |||
Other-than-temporary impairment losses | $ 38 | $ 100 | $ 495 | |||
Other-than-temporary impairment losses, number of securities | 2 | 0 | ||||
Accumulated other-than-temporary impairment losses related to non-credit losses | 202 | $ 469 | ||||
Other-than-temporary impairment losses related to additional loss | $ 26 | |||||
Equity Securities [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Other-than-temporary impairment losses, number of securities | Securities | 3 | 15 | ||||
Other-than-temporary impairment losses related to additional loss | $ 139 | $ 340 | $ 290 | $ 722 | ||
Corporate Bonds [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Accumulated other-than-temporary impairment losses related to non-credit losses | $ 236 | $ 76 |
Investments - Rollforward of Cu
Investments - Rollforward of Cumulative Credit Losses in Other-Than-Temporary Impairments Recognized in Income from Available for Sale Fixed-Maturity Securities (Detail) - Available-for-Sale Securities [Member] - Fixed-Maturity Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Beginning Balance | $ 475 | $ 475 | $ 404 | $ 111 |
Credit impaired security fully disposed of for which there was no prior intent or requirement to sell | 0 | (385) | ||
Additional credit impairments on previously impaired securities | 0 | 293 | ||
Reduction due to increase in expected cash flows recognized over the remaining life of the previously impaired security | 0 | $ (19) | ||
Ending Balance | $ 475 | $ 475 | $ 404 |
Investments - Summary of Securi
Investments - Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | $ (2,337) | $ (2,510) |
Fair Value, Less than Twelve Months | 151,732 | 86,896 |
Gross Unrealized Loss, Twelve Months or Longer | (95) | (379) |
Fair Value, Twelve Months or Longer | 4,923 | 11,013 |
Gross Unrealized Loss, Total | (2,432) | (2,889) |
Fair Value, Total | 156,655 | 97,909 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (869) | (293) |
Fair Value, Less than Twelve Months | 15,837 | 10,042 |
Gross Unrealized Loss, Twelve Months or Longer | (56) | (191) |
Fair Value, Twelve Months or Longer | 1,295 | 3,209 |
Gross Unrealized Loss, Total | (925) | (484) |
Fair Value, Total | 17,132 | 13,251 |
Fixed-Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (1,468) | (2,217) |
Fair Value, Less than Twelve Months | 135,895 | 76,854 |
Gross Unrealized Loss, Twelve Months or Longer | (39) | (188) |
Fair Value, Twelve Months or Longer | 3,628 | 7,804 |
Gross Unrealized Loss, Total | (1,507) | (2,405) |
Fair Value, Total | 139,523 | 84,658 |
Fixed-Maturity Securities [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (95) | (36) |
Fair Value, Less than Twelve Months | 45,148 | 1,939 |
Gross Unrealized Loss, Total | (95) | (36) |
Fair Value, Total | 45,148 | 1,939 |
Fixed-Maturity Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (1,169) | (1,546) |
Fair Value, Less than Twelve Months | 76,604 | 43,859 |
Gross Unrealized Loss, Twelve Months or Longer | (7) | (95) |
Fair Value, Twelve Months or Longer | 993 | 2,814 |
Gross Unrealized Loss, Total | (1,176) | (1,641) |
Fair Value, Total | 77,597 | 46,673 |
Fixed-Maturity Securities [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (165) | (441) |
Fair Value, Less than Twelve Months | 10,715 | 26,029 |
Gross Unrealized Loss, Twelve Months or Longer | (32) | (47) |
Fair Value, Twelve Months or Longer | 2,635 | 3,036 |
Gross Unrealized Loss, Total | (197) | (488) |
Fair Value, Total | 13,350 | 29,065 |
Fixed-Maturity Securities [Member] | Exchange-Traded Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (39) | (191) |
Fair Value, Less than Twelve Months | 3,428 | 4,980 |
Gross Unrealized Loss, Twelve Months or Longer | (46) | |
Fair Value, Twelve Months or Longer | 1,954 | |
Gross Unrealized Loss, Total | (39) | (237) |
Fair Value, Total | $ 3,428 | 6,934 |
Fixed-Maturity Securities [Member] | Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Loss, Less than Twelve Months | (3) | |
Fair Value, Less than Twelve Months | 47 | |
Gross Unrealized Loss, Total | (3) | |
Fair Value, Total | $ 47 |
Investments - Schedule of Compa
Investments - Schedule of Company's Investments in Limited Partnerships (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Investment Securities [Line Items] | ||
Carrying Value | $ 19,900 | $ 29,263 |
Unfunded Balance | 12,065 | 13,554 |
Private US Lower Middle Market Companies [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | 7,203 | 6,246 |
Unfunded Balance | $ 5,505 | $ 6,428 |
Percentage investment held by the entity | 15.37% | 16.50% |
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | $ 6,942 | $ 7,358 |
Unfunded Balance | $ 2,217 | $ 1,360 |
Percentage investment held by the entity | 1.76% | 1.76% |
Equity and Debt Securities Publicly Traded US and Non US Issuers [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | $ 11,333 | |
Percentage investment held by the entity | 66.58% | |
Power Utility and Energy Industries and Infrastructure [Member] | ||
Investment Securities [Line Items] | ||
Carrying Value | $ 5,755 | $ 4,326 |
Unfunded Balance | $ 4,343 | $ 5,766 |
Percentage investment held by the entity | 0.18% | 0.18% |
Investments - Schedule of Com44
Investments - Schedule of Company's Investments in Limited Partnerships (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Private US Lower Middle Market Companies [Member] | |
Investment Securities [Line Items] | |
Expected term | 10 years |
Expiration date of capital commitment | Sep. 3, 2019 |
Investment additional maturity term | 2 years |
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member] | |
Investment Securities [Line Items] | |
Expected term | 3 years |
Expiration date of capital commitment | Mar. 31, 2018 |
Investment additional maturity term | 2 years |
Power Utility and Energy Industries and Infrastructure [Member] | |
Investment Securities [Line Items] | |
Expected term | 10 years |
Expiration date of capital commitment | Jun. 30, 2020 |
Investment additional maturity term | 3 years |
Investments - Summary of Unaudi
Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Limited Partnerships (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Operating results: | |||||
Total income | $ 67,580 | $ 61,520 | $ 135,293 | $ 122,267 | |
Limited Partnership [Member] | |||||
Operating results: | |||||
Total income | 157,433 | (6,987) | 229,750 | (23,069) | |
Total expenses | (26,177) | (27,401) | (53,819) | (130,022) | |
Net (loss) income | 131,256 | $ (34,388) | 175,931 | $ (153,091) | |
Balance Sheet: | |||||
Total assets | 3,891,172 | 3,891,172 | $ 2,956,327 | ||
Total liabilities | $ 180,945 | $ 180,945 | $ 63,813 |
Investments (Limited Partnershi
Investments (Limited Partnership Investments) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||||
Recognized investment income (loss) | $ 1,332 | $ (1,065) | |||
Cash distributions | 11,758 | ||||
Return of capital | 11,758 | ||||
Return on investment | 426 | 44 | |||
Maximum exposure loss relating to VIE | $ 1,680 | 1,680 | $ 2,102 | ||
Limited Partnership [Member] | |||||
Schedule of Investments [Line Items] | |||||
Recognized investment income (loss) | 560 | $ 196 | 1,332 | 1,065 | |
Cash distributions | 12,184 | ||||
Return of capital | 11,626 | ||||
Return on investment | 154 | $ 44 | 426 | $ 44 | |
Company's contributed capital to the partnership | 18,435 | 18,435 | 31,946 | ||
Maximum exposure loss relating to VIE | $ 19,900 | $ 19,900 | $ 29,263 |
Investments (Investment in Unco
Investments (Investment in Unconsolidated Joint Venture) - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | ||||||
Amount of gains (losses) on sale of investment to company | $ 199,000 | |||||
Maximum exposure loss relating to VIE | $ 1,680,000 | $ 1,680,000 | $ 2,102,000 | |||
Undistributed gain (loss) after equity distribution | 30,000 | 30,000 | $ (25,000) | |||
Earnings distribution | 147,000 | |||||
Capital distribution | 417,000 | |||||
FMKT Mel JV, LLC [Member] | ||||||
Schedule of Investments [Line Items] | ||||||
Gross proceeds from outparcel land | 825,000 | |||||
Gain on sale of land | $ 331,000 | |||||
Cash distribution | $ 0 | $ 0 | 564,000 | $ 0 | ||
Earnings distribution | 147,000 | |||||
Capital distribution | $ 417,000 |
Investments - Summary of Unau48
Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Joint Venture (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Operating results: | |||||
The Company's share of net (loss) income | $ (30) | $ (59) | $ 142 | $ 228 | |
Balance Sheet: | |||||
Other | 17,840 | 17,840 | $ 11,342 | ||
Total assets | 792,718 | 792,718 | 670,064 | ||
Other liabilities | 16,058 | 16,058 | 26,702 | ||
Total liabilities and stockholders' equity (or members' capital) | 792,718 | 792,718 | 670,064 | ||
Investment in unconsolidated joint venture, at equity | 1,680 | 1,680 | 2,102 | ||
Unconsolidated Joint Venture [Member] | |||||
Operating results: | |||||
Total revenues and gain | 181 | 331 | 714 | ||
Total expenses | (33) | (247) | (65) | (483) | |
Net (loss) income | (33) | (66) | 266 | 231 | |
Balance Sheet: | |||||
Construction in progress-real estate | 328 | 328 | 334 | ||
Property and equipment, net | 1,226 | 1,226 | 1,654 | ||
Cash | 144 | 144 | 179 | ||
Other | 180 | 180 | 180 | ||
Total assets | 1,878 | 1,878 | 2,347 | ||
Accounts payable | 2 | 2 | 11 | ||
Other liabilities | 10 | 10 | |||
Members' capital | 1,866 | 1,866 | 2,336 | ||
Total liabilities and stockholders' equity (or members' capital) | 1,878 | 1,878 | $ 2,347 | ||
Operating Expense [Member] | |||||
Operating results: | |||||
The Company's share of net (loss) income | $ (30) | $ (59) | $ 142 | $ 228 |
Investments - Summary of Unau49
Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Joint Venture (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Percentage of operating results | 90.00% |
Investments (Real Estate Invest
Investments (Real Estate Investments) - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)RestaurantMarina | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)RestaurantMarina | Jun. 30, 2016USD ($) | Dec. 31, 2016RestaurantMarina | |
Schedule of Investments [Line Items] | |||||
Depreciation and amortization expenses under real estate investments | $ 289 | $ 341 | $ 572 | $ 684 | |
Real Estate Investments [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of restaurants | Restaurant | 1 | 1 | 1 | ||
Number of marinas | Marina | 2 | 2 | 2 | ||
Depreciation and amortization expenses under real estate investments | $ 351 | $ 95 | $ 688 | $ 188 |
Investments - Summary of Real E
Investments - Summary of Real Estate Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 17,592 | $ 17,592 |
Land improvements | 9,370 | 9,336 |
Buildings | 16,601 | 16,154 |
Tenant and leasehold improvements | 940 | 872 |
Construction in progress | 4,481 | 3,404 |
Other | 2,945 | 2,683 |
Total, at cost | 51,929 | 50,041 |
Less: accumulated depreciation and amortization | (2,643) | (1,955) |
Real estate investments | $ 49,286 | $ 48,086 |
Investments - Summary of Assets
Investments - Summary of Assets and Liabilities Related to Company's Consolidated Variable Interest Entity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 296,520 | $ 280,531 | $ 309,274 | $ 267,738 |
Construction in progress included in real estate investments | 4,481 | 3,404 | ||
Other assets | 17,840 | 11,342 | ||
Accrued expenses | 10,828 | 6,513 | ||
Other liabilities | 16,058 | 26,702 | ||
Variable Interest Entity [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 69 | 65 | ||
Construction in progress included in real estate investments | 4,481 | 3,404 | ||
Other assets | 49 | |||
Accrued expenses | 117 | 68 | ||
Other liabilities | $ 17 | $ 11 |
Investments - Investment (Loss)
Investments - Investment (Loss) Income Summarized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment income | $ 1,332 | $ (1,065) | ||
Net investment income (loss) from real estate investments | $ (168) | $ (53) | (564) | (83) |
(Loss) income from unconsolidated joint venture | (30) | (59) | 142 | 228 |
Net investment income | 2,810 | 1,725 | 5,644 | 3,215 |
Limited Partnership Investment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment income | 560 | (196) | 1,332 | (1,065) |
Cash and Cash Equivalents [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment income | 439 | 268 | 767 | 470 |
Other Types Of Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment income | 11 | 6 | 23 | |
Available-for-Sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment expense | (191) | (161) | (350) | (323) |
Available-for-Sale Securities [Member] | Fixed-Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment income | 1,403 | 1,131 | 2,640 | 2,230 |
Available-for-Sale Securities [Member] | Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment income | $ 797 | $ 784 | $ 1,671 | $ 1,735 |
Comprehensive Income (Loss) - S
Comprehensive Income (Loss) - Schedule of Components of Other Comprehensive Income or Loss and Related Tax Effects Allocated to Each Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Before Tax | ||||
Unrealized gain arising during the period, Before Tax | $ 654 | $ 5,893 | $ 2,667 | $ 8,056 |
Other-than-temporary impairment loss, Before Tax | 177 | 542 | 390 | 1,217 |
Call and repayment losses charged to investment income, Before Tax | 8 | 10 | 9 | 11 |
Reclassification adjustment for realized gains, Before Tax | (1,787) | (391) | (2,502) | (316) |
Total other comprehensive (loss) income, Before Tax | (948) | 6,054 | 564 | 8,968 |
Income Tax Expense (Benefit) | ||||
Unrealized gain arising during the period, Income Tax Expense (Benefit) | 252 | 2,274 | 1,029 | 3,108 |
Other-than-temporary impairment loss, Income Tax Expense (Benefit) | 69 | 209 | 150 | 470 |
Call and repayment losses charged to investment income, Income Tax Expense (Benefit) | 3 | 4 | 4 | 4 |
Reclassification adjustment for realized gains, Income Tax Expense (Benefit) | (689) | (151) | (965) | (122) |
Total other comprehensive (loss) income, Income Tax Expense (Benefit) | (365) | 2,336 | 218 | 3,460 |
Net of Tax | ||||
Unrealized gain arising during the period, Net of Tax | 402 | 3,619 | 1,638 | 4,948 |
Other-than-temporary impairment loss, Net of Tax | 108 | 333 | 240 | 747 |
Call and repayment losses charged to investment income, Net of Tax | 5 | 6 | 5 | 7 |
Reclassification adjustment for realized gains, Net of Tax | (1,098) | (240) | (1,537) | (194) |
Total other comprehensive (loss) income, net of income taxes | $ (583) | $ 3,718 | $ 346 | $ 5,508 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - 3.95% Promissory Note [Member] | 1 Months Ended | ||
Feb. 28, 2017 | Jun. 30, 2017 | Feb. 27, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument stated interest rate | 3.95% | 3.95% | |
Revolving Credit Facility [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument stated interest rate | 3.95% | ||
Debt instrument, maturity term | 3 years |
Fair Value Measurements - Compo
Fair Value Measurements - Components of Long-Term Debt and Methods Used in Estimating Fair Values (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Valuation Methodology | Closing price listed on the New York Stock Exchange |
3.875% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,019 |
Valuation Methodology | Quoted price at June 30, 2017; Discounted cash flow method/Level 3 inputs at December 31, 2016 |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,037 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
3.95% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,020 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
4% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,031 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
3.75% Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | 2,036 |
Valuation Methodology | Discounted cash flow method/Level 3 inputs |
Fair Value Measurements - Com57
Fair Value Measurements - Components of Long-Term Debt and Methods Used in Estimating Fair Values (Parenthetical) (Detail) | 6 Months Ended | |||
Jun. 30, 2017 | Apr. 03, 2017 | Mar. 03, 2017 | Feb. 27, 2017 | |
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed annual rate of interest | 8.00% | 8.00% | ||
Debt instrument, redeemed date | Apr. 3, 2017 | |||
3.875% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 3.875% | |||
4.25% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% | |
3.95% Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 3.95% | 3.95% | ||
4% Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 4.00% | |||
3.75% Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 3.75% |
Fair Value Measurements - Avail
Fair Value Measurements - Available-for-Sale Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Total fixed-maturity securities | $ 248,646 | $ 166,248 |
Equity securities | 56,152 | 53,035 |
Total available-for-sale securities | 304,798 | 219,283 |
Fair Value, Measurements, Recurring [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 296,520 | 280,531 |
Total fixed-maturity securities | 248,646 | 166,248 |
Equity securities | 56,152 | 53,035 |
Total available-for-sale securities | 304,798 | 219,283 |
Total financial assets | 601,318 | 499,814 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 47,046 | 1,939 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 112,396 | 74,504 |
Fair Value, Measurements, Recurring [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 78,992 | 78,306 |
Fair Value, Measurements, Recurring [Member] | Exchange-Traded Debt [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 9,959 | 11,262 |
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 253 | 237 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 296,520 | 280,531 |
Total fixed-maturity securities | 167,157 | 86,957 |
Equity securities | 56,152 | 53,035 |
Total available-for-sale securities | 223,309 | 139,992 |
Total financial assets | 519,829 | 420,523 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 45,543 | 1,939 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | Corporate Bonds [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 111,402 | 73,519 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | Exchange-Traded Debt [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 9,959 | 11,262 |
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member] | Redeemable Preferred Stock [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 253 | 237 |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 81,489 | 79,291 |
Total available-for-sale securities | 81,489 | 79,291 |
Total financial assets | 81,489 | 79,291 |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | U.S. Treasury and U.S. Government Agencies [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 1,503 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | Corporate Bonds [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | 994 | 985 |
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member] | State, Municipalities, and Political Subdivisions [Member] | ||
Financial Assets: | ||
Total fixed-maturity securities | $ 78,992 | $ 78,306 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Limited partnership investments | $ 19,900 | $ 29,263 |
Financial Liabilities: | ||
Total long-term debt | 234,817 | 138,863 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Limited partnership investments | 19,900 | 29,263 |
Financial Liabilities: | ||
Total long-term debt | 237,634 | 143,484 |
Revolving credit facility | 9,463 | |
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 41,618 | |
Estimate of Fair Value Measurement [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 88,625 | 84,696 |
Estimate of Fair Value Measurement [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 123,302 | |
Estimate of Fair Value Measurement [Member] | 3.95% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 9,442 | |
Estimate of Fair Value Measurement [Member] | 4% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 8,200 | 8,664 |
Estimate of Fair Value Measurement [Member] | 3.75% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 8,065 | 8,506 |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 88,625 | 41,618 |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 41,618 | |
Estimate of Fair Value Measurement [Member] | (Level 2) [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 88,625 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | ||
Financial Assets: | ||
Limited partnership investments | 19,900 | 29,263 |
Financial Liabilities: | ||
Total long-term debt | 237,634 | 101,866 |
Revolving credit facility | 9,463 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 84,696 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 123,302 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 3.95% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 9,442 | |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 4% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 8,200 | 8,664 |
Estimate of Fair Value Measurement [Member] | (Level 3) [Member] | 3.75% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 8,065 | 8,506 |
Carrying Value [Member] | ||
Financial Assets: | ||
Limited partnership investments | 19,900 | 29,263 |
Financial Liabilities: | ||
Total long-term debt | 234,817 | 138,863 |
Revolving credit facility | 9,463 | |
Carrying Value [Member] | Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 39,448 | |
Carrying Value [Member] | 3.875% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 83,676 | 81,988 |
Carrying Value [Member] | 4.25% Convertible Senior Notes [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 124,723 | |
Carrying Value [Member] | 3.95% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 9,363 | |
Carrying Value [Member] | 4% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | 8,436 | 8,660 |
Carrying Value [Member] | 3.75% Promissory Note [Member] | ||
Financial Liabilities: | ||
Total long-term debt | $ 8,619 | $ 8,767 |
Fair Value Measurements - Sch60
Fair Value Measurements - Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet (Parenthetical) (Detail) | Jun. 30, 2017 | Apr. 03, 2017 | Mar. 03, 2017 | Dec. 31, 2016 |
Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed annual rate of interest | 8.00% | 8.00% | ||
3.875% Convertible Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.875% | |||
4.25% Convertible Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% | |
4% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 4.00% | |||
3.75% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.75% | |||
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed annual rate of interest | 8.00% | |||
Estimate of Fair Value Measurement [Member] | 3.875% Convertible Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.875% | 3.875% | ||
Estimate of Fair Value Measurement [Member] | 4.25% Convertible Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | |||
Estimate of Fair Value Measurement [Member] | 3.95% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.95% | |||
Estimate of Fair Value Measurement [Member] | 4% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 4.00% | 4.00% | ||
Estimate of Fair Value Measurement [Member] | 3.75% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.75% | 3.75% | ||
Carrying Value [Member] | Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fixed annual rate of interest | 8.00% | |||
Carrying Value [Member] | 3.875% Convertible Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.875% | 3.875% | ||
Carrying Value [Member] | 4.25% Convertible Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | |||
Carrying Value [Member] | 3.95% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.95% | |||
Carrying Value [Member] | 4% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 4.00% | 4.00% | ||
Carrying Value [Member] | 3.75% Promissory Note [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument stated interest rate | 3.75% | 3.75% |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Benefits receivable related to retrospective reinsurance contracts | $ 11,269 | $ 5,810 |
Prepaid expenses | 2,404 | 1,581 |
Lease acquisition costs, net | 597 | 615 |
Restricted cash | 709 | 600 |
Other | 2,861 | 2,736 |
Total other assets | $ 17,840 | $ 11,342 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 03, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||||
Total principal amount | $ 260,570 | $ 147,985 | |||
Less: unamortized discount and issuance costs | (25,753) | (9,122) | |||
Total long-term debt | 234,817 | 138,863 | |||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 40,250 | ||||
3.875% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 89,990 | 89,990 | $ 89,990 | $ 103,000 | |
4.25% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 143,750 | $ 143,750 | |||
3.95% Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 9,473 | ||||
4% Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | 8,587 | 8,821 | |||
3.75% Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal amount | $ 8,770 | $ 8,924 |
Long-Term Debt - Summary of L63
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | |||
Jun. 30, 2017 | Apr. 03, 2017 | Mar. 03, 2017 | Feb. 27, 2017 | |
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed annual rate of interest | 8.00% | 8.00% | ||
Debt instrument, maturity date | Apr. 3, 2017 | |||
3.875% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 3.875% | |||
Debt instrument, maturity date | Mar. 15, 2019 | |||
4.25% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% | |
Debt instrument, maturity date | Mar. 1, 2037 | |||
3.95% Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 3.95% | 3.95% | ||
Debt instrument, maturity date | Feb. 17, 2020 | |||
4% Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 4.00% | |||
Debt instrument, maturity date | Feb. 1, 2031 | |||
3.75% Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument stated interest rate | 3.75% | |||
Debt instrument, maturity date | Sep. 1, 2036 |
Long-Term Debt - Summary of Fut
Long-Term Debt - Summary of Future Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Long-term Debt, Rolling Maturity [Abstract] | ||
2,017 | $ 1,029 | |
2,018 | 91,060 | |
2,019 | 9,867 | |
2,020 | 898 | |
2,021 | 144,683 | |
Thereafter | 13,033 | |
Total | $ 260,570 | $ 147,985 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense Related to Long-Term Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Expense, Debt [Abstract] | ||||
Contractual interest | $ 2,680 | $ 1,767 | $ 5,104 | $ 3,656 |
Non-cash expense | 1,718 | 844 | 2,877 | 1,784 |
Capitalized interest | (20) | (61) | ||
Total | $ 4,378 | $ 2,611 | $ 7,920 | $ 5,440 |
Long-Term Debt (Convertible Sen
Long-Term Debt (Convertible Senior Notes) - Additional Information (Detail) | Apr. 03, 2017USD ($) | Mar. 03, 2017USD ($) | Jan. 31, 2015$ / shares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)d$ / shares | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 260,570,000 | $ 260,570,000 | $ 147,985,000 | |||||
Debt extinguishment costs | $ (743,000) | $ (743,000) | ||||||
3.875% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated interest rate | 3.875% | 3.875% | ||||||
Debt conversion date | 2,019 | |||||||
Debt instrument, face amount | $ 89,990,000 | $ 89,990,000 | 89,990,000 | $ 89,990,000 | $ 103,000,000 | |||
Aggregate amount of debt repurchased | $ 13,010,000 | |||||||
Convertible debt, conversion ratio | 16.1514 | 16.1514 | ||||||
Convertible debt, conversion price | $ / shares | $ 61.91 | $ 61.91 | ||||||
Debt instrument, effective interest rate | 8.30% | 8.30% | ||||||
Debt discount, remaining amortization period | 1 year 8 months 12 days | |||||||
3.875% Convertible Senior Notes [Member] | Convertible Debt Instrument Conversion Period Two [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash dividends on common stock | $ / shares | $ 0.275 | |||||||
4.25% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, stated interest rate | 4.25% | 4.25% | 4.25% | 4.25% | ||||
Debt conversion date | 2,037 | |||||||
Debt instrument, face amount | $ 143,750,000 | $ 143,750,000 | $ 143,750,000 | |||||
Proceeds from senior convertible notes net | 138,775,000 | |||||||
Debt issuance and transaction costs | $ 4,975,000 | |||||||
Convertible debt, conversion ratio | 16.2635 | 16.2635 | ||||||
Convertible debt, conversion price | $ / shares | $ 61.49 | $ 61.49 | ||||||
Debt instrument, effective interest rate | 7.60% | 7.60% | ||||||
Debt discount, remaining amortization period | 4 years 8 months 12 days | |||||||
Debt Instrument effective Rate | 5.40% | |||||||
Debt Instrument term | 20 years | |||||||
4.25% Convertible Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repurchase date of convertible notes | Mar. 1, 2022 | |||||||
4.25% Convertible Senior Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repurchase date of convertible notes | Mar. 1, 2027 | |||||||
4.25% Convertible Senior Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repurchase date of convertible notes | Mar. 1, 2032 | |||||||
Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 233,740,000 | $ 233,740,000 | 89,990,000 | |||||
Convertible debt, conversion debt description | The note holders of the Convertible Senior Notes may convert all or a portion of their Convertible Senior Notes during specified periods as follows: (1) during any calendar quarter commencing after the calendar quarter ending on the dates specified in each respective indenture, if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any ten consecutive trading-day period in which the trading price per $1 principal amount of the Convertible Senior Notes is less than 98% of the product of the last reported sale price and the conversion rate on each such trading day; (3) if specified corporate events, including a change in control, occur; or (4) at any time on or after the dates specified in each respective indenture. | |||||||
Convertible debt, threshold trading days | d | 20 | |||||||
Convertible debt, threshold consecutive trading days | 0 | |||||||
Convertible debt, threshold percentage of stock trigger price | 130.00% | |||||||
Convertible Senior Notes [Member] | Convertible Debt Instrument Conversion Period Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Convertible debt, threshold consecutive trading days | 0 | |||||||
Convertible debt, threshold trading days | 5 days | |||||||
Convertible debt, threshold percentage of stock trigger price | 98.00% | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 40,250,000 | |||||||
Extinguishment of debt | $ 40,805,000 | |||||||
Fixed annual rate of interest | 8.00% | 8.00% | 8.00% | |||||
Unamortized debt issuance costs | $ 743 | |||||||
Accrued and unpaid interest | 555,000 | |||||||
Debt extinguishment costs | $ 743,000 |
Long-Term Debt - Summary of Pri
Long-Term Debt - Summary of Principal and Interest Payment Terms of Convertible Senior Notes (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
3.875% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible senior notes, interest payment terms | Semiannually in arrears: March 15 and September 15 |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Convertible senior notes, interest payment terms | Semiannually in arrears: March 1 and September 1 |
Long-Term Debt - Summary of Equ
Long-Term Debt - Summary of Equity and Liability Components of the Convertible Senior Notes (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Principal amount | $ 260,570 | $ 147,985 |
Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 233,740 | 89,990 |
Unamortized discount | (20,198) | (6,795) |
Liability component - net carrying value before issuance costs | 213,542 | 83,195 |
Equity component - conversion, net of offering costs | $ 31,051 | $ 15,900 |
Long-Term Debt (3.95% Promissor
Long-Term Debt (3.95% Promissory Note) - Additional Information (Detail) | Feb. 27, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Debt Instrument [Line Items] | |||
Outstanding balance under revolving credit facility | $ 9,441,000 | ||
Additional borrowings from revolving credit facility | $ 143,859,000 | $ 9,200,000 | |
3.95% Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance under revolving credit facility | $ 9,441,000 | ||
Period of mortgage loan | 3 years | ||
Additional borrowings from revolving credit facility | $ 109,000 | ||
Maximum borrowing limit | $ 9,550,000 | ||
Fixed annual interest rate | 3.95% | 3.95% | |
Debt instrument periodic payment | $ 50,000 | ||
Debt instrument, payment frequency description | Monthly | ||
Number of installment payments | 35 | ||
Date of initial payment | Mar. 17, 2017 | ||
Debt instrument, balloon payment to be paid | $ 8,891,000 | ||
Debt instruments, payment terms description | The promissory note may be repaid in part or in full at any time without penalty. |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Reinsurers | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Reinsurers | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Reinsurers | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Percentage of ceding commission on ceded premiums written | 30.00% | |||||
Reinsurance recoverable | $ 0 | $ 5,000 | $ 0 | $ 5,000 | $ 0 | |
Number of reinsurers | Reinsurers | 37 | 37 | 35 | |||
Credit risk associated with reinsurance receivables | $ 0 | |||||
Recoveries pertaining to reinsurance contracts | 0 | |||||
Net reduction in ceded premiums | $ 3,634,000 | 3,001,000 | $ 6,956,000 | 5,822,000 | ||
Amount received from retrospective reinsurance contracts | 37,800,000 | |||||
Other assets | 17,840,000 | 17,840,000 | 11,342,000 | |||
Prepaid reinsurance premiums | 36,032,000 | 36,032,000 | 24,554,000 | |||
Other Assets [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Reinsurance recoverable | 5,000 | 5,000 | 0 | |||
Oxbridge [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Net reduction in ceded premiums | 936,000 | $ 413,000 | 1,512,000 | $ 740,000 | ||
Amount received from retrospective reinsurance contracts | $ 7,560,000 | |||||
Other assets | 2,253,000 | 2,253,000 | 1,043,000 | |||
Prepaid reinsurance premiums | 639,000 | 639,000 | 338,000 | |||
Reinsurance [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Other assets | 11,269,000 | 11,269,000 | 5,810,000 | |||
Prepaid reinsurance premiums | $ 3,648,000 | $ 3,648,000 | $ 2,152,000 |
Reinsurance - Impact of the Rei
Reinsurance - Impact of the Reinsurance Treaties on Premiums Written and Earned (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Premiums Written: | ||||
Direct | $ 134,609 | $ 139,761 | $ 206,995 | $ 215,400 |
Assumed | (160) | (280) | (1,121) | (359) |
Gross written | 134,449 | 139,481 | 205,874 | 215,041 |
Ceded | (28,241) | (36,384) | (56,824) | (76,756) |
Net premiums written | 106,208 | 103,097 | 149,050 | 138,285 |
Premiums Earned: | ||||
Direct | 86,308 | 94,046 | 172,580 | 190,899 |
Assumed | 3,780 | 866 | 9,127 | 2,832 |
Gross earned | 90,088 | 94,912 | 181,707 | 193,731 |
Ceded | (28,241) | (36,384) | (56,824) | (76,756) |
Net premiums earned | $ 61,847 | $ 58,528 | $ 124,883 | $ 116,975 |
Losses and Loss Adjustment Ex72
Losses and Loss Adjustment Expenses - Liability for Unpaid Losses and Loss Adjustment Expenses (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Gross balance, beginning of period | $ 69,911,000 | $ 53,271,000 | $ 70,492,000 | $ 51,690,000 |
Incurred, net of reinsurance, related to: | ||||
Current period | 22,165,000 | 20,803,000 | 45,373,000 | 47,420,000 |
Prior period | 5,500,000 | 5,469,000 | 7,821,000 | 5,932,000 |
Total incurred, net of reinsurance | 27,665,000 | 26,272,000 | 53,194,000 | 53,352,000 |
Paid, net of reinsurance, related to: | ||||
Current period | (12,859,000) | (14,239,000) | (19,504,000) | (22,596,000) |
Prior period | (11,633,000) | (10,577,000) | (31,098,000) | (27,719,000) |
Total paid, net of reinsurance | (24,492,000) | (24,816,000) | (50,602,000) | (50,315,000) |
Net balance, end of period | 73,084,000 | 54,727,000 | 73,084,000 | 54,727,000 |
Add: reinsurance recoverable | 5,000 | 0 | 5,000 | 0 |
Gross balance, end of period | $ 73,089,000 | $ 54,727,000 | $ 73,089,000 | $ 54,727,000 |
Losses and Loss Adjustment Ex73
Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reserves For Losses And Loss Adjustment Expenses [Line Items] | ||||
Unpaid claims and claim adjustment expenses overall development | $ 5,500 | $ 5,469 | $ 7,821 | $ 5,932 |
2016 Loss Year [Member] | ||||
Reserves For Losses And Loss Adjustment Expenses [Line Items] | ||||
Unpaid claims and claim adjustment expenses overall development | $ 3,249 | $ 5,740 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segments | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Number of operating divisions | 4 | ||||
Sales Revenue, Net [Member] | Segment Concentration Risk [Member] | Insurance Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk, percentage | 96.70% | 97.40% | 96.60% | 97.30% | |
Assets [Member] | Segment Concentration Risk [Member] | Insurance Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk, percentage | 87.40% | 87.90% |
Segment Information - Summary o
Segment Information - Summary of Segment Information Reconciled to Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue: | ||||
Net premiums earned | $ 61,847 | $ 58,528 | $ 124,883 | $ 116,975 |
Net investment income (loss) | 2,810 | 1,725 | 5,644 | 3,215 |
Net realized investment gains (losses) | 1,787 | 391 | 2,502 | 316 |
Net other-than-temporary impairment losses | (177) | (542) | (390) | (1,217) |
Policy fee income | 908 | 988 | 1,816 | 1,995 |
Gain on repurchases of convertible senior notes | 153 | |||
Other | 405 | 430 | 838 | 830 |
Total revenue | 67,580 | 61,520 | 135,293 | 122,267 |
Expenses: | ||||
Losses and loss adjustment expenses | 27,665 | 26,272 | 53,194 | 53,352 |
Amortization of deferred policy acquisition costs | 8,785 | 9,528 | 17,637 | 19,339 |
Interest expense | 4,378 | 2,611 | 7,920 | 5,440 |
Loss on repurchases of senior notes | 743 | 743 | ||
Depreciation and amortization | 289 | 341 | 572 | 684 |
Other | 11,415 | 11,539 | 21,780 | 22,526 |
Total expenses | 53,275 | 50,291 | 101,846 | 101,341 |
Income before income taxes | 14,305 | 11,229 | 33,447 | 20,926 |
Operating Segments [Member] | Insurance Operations [Member] | ||||
Revenue: | ||||
Net premiums earned | 61,847 | 58,528 | 124,883 | 116,975 |
Net investment income (loss) | 2,217 | 1,736 | 4,590 | 3,486 |
Net realized investment gains (losses) | 1,813 | 382 | 2,419 | 324 |
Net other-than-temporary impairment losses | (177) | (540) | (390) | (1,201) |
Policy fee income | 908 | 988 | 1,816 | 1,995 |
Other | 138 | 211 | 343 | 437 |
Total revenue | 66,746 | 61,305 | 133,661 | 122,016 |
Expenses: | ||||
Losses and loss adjustment expenses | 27,665 | 26,272 | 53,194 | 53,352 |
Amortization of deferred policy acquisition costs | 8,785 | 9,528 | 17,637 | 19,339 |
Depreciation and amortization | 33 | 50 | 61 | 100 |
Other | 8,077 | 8,545 | 15,446 | 16,733 |
Total expenses | 44,560 | 44,395 | 86,338 | 89,524 |
Income before income taxes | 22,186 | 16,910 | 47,323 | 32,492 |
Operating Segments [Member] | Corporate and Other [Member] | ||||
Revenue: | ||||
Net investment income (loss) | 790 | 250 | 1,476 | (113) |
Net realized investment gains (losses) | (26) | 9 | 83 | (8) |
Net other-than-temporary impairment losses | (2) | (16) | ||
Gain on repurchases of convertible senior notes | 153 | |||
Other | 2,896 | 2,156 | 5,357 | 3,807 |
Total revenue | 3,660 | 2,413 | 6,916 | 3,823 |
Expenses: | ||||
Interest expense | 4,378 | 2,611 | 7,920 | 5,440 |
Loss on repurchases of senior notes | 743 | 743 | ||
Depreciation and amortization | 728 | 386 | 1,442 | 772 |
Other | 5,692 | 5,097 | 10,687 | 9,177 |
Total expenses | 11,541 | 8,094 | 20,792 | 15,389 |
Income before income taxes | (7,881) | (5,681) | (13,876) | (11,566) |
Intersegment Eliminations [Member] | ||||
Revenue: | ||||
Net investment income (loss) | (197) | (261) | (422) | (158) |
Other | (2,629) | (1,937) | (4,862) | (3,414) |
Total revenue | (2,826) | (2,198) | (5,284) | (3,572) |
Expenses: | ||||
Depreciation and amortization | (472) | (95) | (931) | (188) |
Other | (2,354) | (2,103) | (4,353) | (3,384) |
Total expenses | $ (2,826) | $ (2,198) | $ (5,284) | $ (3,572) |
Segment Information - Summary76
Segment Information - Summary of Segment Assets Reconciled to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 792,718 | $ 670,064 |
Consolidation, Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (21,229) | (98,712) |
Insurance Operations [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 602,474 | 651,927 |
Corporate and Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 211,473 | $ 116,849 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 4,763 | $ 4,205 | $ 11,885 | $ 7,846 |
Effective tax rates | 33.30% | 37.40% | 35.50% | 37.50% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Numerator and Denominator of Basic and Fully Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 9,542 | $ 7,024 | $ 21,562 | $ 13,080 |
Less: Income attributable to participating securities | (572) | (306) | (1,281) | (608) |
Basic Earnings Per Share: | ||||
Income allocated to common stockholders, Income (Numerator) | $ 8,970 | $ 6,718 | $ 20,281 | $ 12,472 |
Income allocated to common stockholders, Shares (Denominator) | 8,503 | 9,399 | 8,727 | 9,489 |
Income allocated to common stockholders, Per Share Amount | $ 1.05 | $ 0.71 | $ 2.32 | $ 1.31 |
Diluted Earnings Per Share: | ||||
Income available to common stockholders and assumed conversions, Income (Numerator) | $ 11,484 | $ 7,736 | $ 24,294 | $ 12,472 |
Income available to common stockholders and assumed conversions, Shares (Denominator) | 12,334 | 10,907 | 11,758 | 9,551 |
Income available to common stockholders and assumed conversions, Per Share Amount | $ 0.93 | $ 0.71 | $ 2.07 | $ 1.31 |
Convertible Senior Notes [Member] | ||||
Effect of Dilutive Securities: | ||||
Dilutive Securities, Income (Numerator) | $ 2,514 | $ 1,018 | $ 4,013 | |
Dilutive Securities, Shares (Denominator) | 3,790 | 1,446 | 2,988 | |
Stock Options [Member] | ||||
Effect of Dilutive Securities: | ||||
Dilutive Securities, Income (Numerator) | $ 0 | $ 0 | $ 0 | $ 0 |
Dilutive Securities, Shares (Denominator) | 41 | 62 | 43 | 62 |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock) - Additional Information (Detail) - USD ($) | Jul. 06, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | |||||||
Stock repurchased and retired, total costs | $ 21,236,000 | $ 447,000 | |||||
Dividends per common share | $ 0.35 | $ 0.30 | $ 0.70 | $ 0.60 | |||
Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Dividends per common share | $ 0.35 | ||||||
Date of dividend payable | Sep. 15, 2017 | ||||||
Record date of dividend payable | Aug. 18, 2017 | ||||||
Share Repurchase Plan [Member] | 2016 Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock repurchase authorized amount | $ 20,000,000 | ||||||
Repurchase and retirement of common stock, shares | 900 | 38,416 | |||||
Common stock repurchased and retired, weighted average price | $ 44.26 | $ 41.36 | |||||
Stock repurchased and retired, total costs | $ 40,000 | $ 1,590,000 | |||||
Fees and commissions average price repurchase common stock | $ 44.30 | $ 41.40 | |||||
Share Repurchase Plan [Member] | 2015 Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock repurchase authorized amount | $ 20,000,000 | ||||||
Repurchase and retirement of common stock, shares | 189,938 | 376,796 | |||||
Common stock repurchased and retired, weighted average price | $ 31.59 | $ 31.85 | |||||
Stock repurchased and retired, total costs | $ 6,008,000 | $ 12,015,000 | |||||
Fees and commissions average price repurchase common stock | $ 31.63 | $ 31.89 |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchase Agreement) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Apr. 03, 2017 | Mar. 03, 2017 | |
Class of Stock [Line Items] | ||||
Repurchase and retirement of common stock, value | $ 21,236 | $ 447 | ||
Institutional Investors [Member] | Share Repurchase Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Repurchase and retirement of common stock, value | $ 20,345 | |||
Repurchase and retirement of common stock, shares | 413,600 | |||
Common stock repurchased and retired, price per share | $ 49.19 | |||
4.25% Convertible Senior Notes [Member] | ||||
Class of Stock [Line Items] | ||||
Debt instrument stated interest rate | 4.25% | 4.25% | 4.25% |
Stockholders' Equity (Prepaid S
Stockholders' Equity (Prepaid Share Repurchase Forward Contract) - Additional Information (Detail) - Share Repurchase Plan [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Subsequent Event [Line Items] | |
Number of outstanding prepaid share repurchase forward contract | 2 |
Deutsche Bank AG, London Branch [Member] | 3.875% Convertible Senior Notes [Member] | |
Subsequent Event [Line Items] | |
Repurchase of common stock under prepaid forward contract | $ | $ 29,923 |
Repurchase of Common stock, shares | shares | 622,751 |
Prepaid stock repurchases forward contract settlement period | 2,019 |
Societe Generale [Member] | 4.25% Convertible Senior Notes [Member] | |
Subsequent Event [Line Items] | |
Repurchase of common stock under prepaid forward contract | $ | $ 9,400 |
Repurchase of Common stock, shares | shares | 191,100 |
Prepaid stock repurchases forward contract settlement period | 2,022 |
Stock-Based Compensation (Incen
Stock-Based Compensation (Incentive Plans) - Additional Information (Detail) - shares | 6 Months Ended | ||
Jun. 30, 2017 | Mar. 17, 2017 | Mar. 16, 2017 | |
Omnibus Incentive Plan New Plan 2012 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares available for grant | 1,982,763 | ||
Common shares reserved for future issuance | 3,000,000 | 5,000,000 | |
Stock Option 2007 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Plan termination Year | 2,007 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise of common stock options, shares | 30,000 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option contractual term | 10 years | ||||
Exercise of common stock options, shares | 0 | 0 | |||
Recognized compensation expenses | $ 53 | $ 0 | $ 149 | $ 0 | |
Deferred tax benefits related to stock options | 21 | $ 0 | 58 | $ 0 | |
Unrecognized compensation expense related to nonvested stock options | 1,098 | $ 1,098 | $ 0 | ||
Recognition of remaining compensation expense over a weighted-average period | 3 years 6 months | ||||
Aggregate intrinsic value of options exercised | 1,319 | $ 1,319 | |||
Realized tax benefits from options exercised | $ 509 | $ 509 | |||
Stock Options [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options maximum vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Company's Stock Option Plan Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||
Exercised, Number of Options | (30,000) | |||||
Granted, Number of Options | 110,000 | |||||
Granted, Weighted Average Exercise Price | $ 40 | |||||
Outstanding, Number of Options | 160,000 | 110,000 | 130,000 | 110,000 | 50,000 | 110,000 |
Exercisable, Number of Options | 20,000 | 110,000 | ||||
Exercised, Weighted-Average Exercise Price | $ 2.50 | |||||
Outstanding, Weighted Average Exercise Price | $ 28.76 | $ 3.19 | 34.82 | $ 3.19 | $ 4.02 | $ 3.19 |
Exercisable, Weighted-Average Exercise Price | $ 6.30 | $ 3.19 | ||||
Outstanding, Weighted-Average Remaining Contractual Term | 7 years 4 months 24 days | 2 years 1 month 6 days | 8 years 8 months 12 days | 1 year 9 months 18 days | 2 years 3 months 19 days | 2 years 3 months 19 days |
Exercisable, Weighted-Average Remaining Contractual Term | 4 years 2 months 12 days | 1 year 9 months 18 days | ||||
Outstanding, Aggregate Intrinsic Value | $ 2,591 | $ 3,312 | $ 1,675 | $ 2,650 | $ 1,773 | $ 3,482 |
Exercisable, Aggregate Intrinsic Value | $ 828 | $ 2,650 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Estimate the Fair Value of Stock Options Granted (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected dividend yield | 3.53% |
Expected volatility | 42.86% |
Risk-free interest rate | 1.92% |
Expected life (in years) | 5 years |
Stock Based Compensation - Info
Stock Based Compensation - Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan (Detail) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, shares | 566,468 | 542,503 | 438,846 | 620,513 |
Granted, Number of Restricted Stock Awards | 109,936 | 45,000 | 102,440 | |
Vested, Number of Restricted Stock Awards | (45,874) | (20,109) | (24,235) | (20,917) |
Cancelled, Number of Restricted Stock Awards | (160,000) | |||
Forfeited, Number of Restricted Stock Awards | (9,948) | (926) | (5,147) | (750) |
Ending balance, shares | 620,582 | 566,468 | 511,904 | 438,846 |
Nonvested, Weighted-Average Grant Date Fair Value, Beginning balance | $ 30.92 | $ 30.81 | $ 30.93 | $ 30.33 |
Granted, Weighted-Average Grant Date Fair Value | 44.05 | 40.15 | 32.21 | |
Vested, Weighted-Average Grant Date Fair Value | 34.51 | 48.42 | 37.34 | 48.42 |
Cancelled, Weighted-Average Grant Date Fair Value | 26.27 | |||
Forfeited, Weighted-Average Grant Date Fair Value | 40.90 | 35.52 | 42.20 | 45.25 |
Nonvested, Weighted-Average Grant Date Fair Value, Ending balance | $ 32.82 | $ 30.92 | $ 30.77 | $ 30.93 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Awards) - Additional Information (Detail) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognized compensation expenses | $ 984 | $ 967 | $ 1,990 | $ 1,948 | |
Total unrecognized compensation expense, Nonvested restricted stock arrangements granted | $ 11,751 | $ 11,751 | $ 7,531 | ||
Recognition of remaining compensation expense over a weighted-average period | 26 months |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock (Detail) - Restricted Stock [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred tax benefits recognized | $ 341 | $ 372 | $ 694 | $ 751 |
Tax benefits realized for restricted stock and paid dividends | 816 | 338 | 1,183 | 637 |
Fair value of vested restricted stock | $ 1,583 | $ 905 | $ 2,557 | $ 1,918 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 01, 2018 | Jun. 30, 2017 | Dec. 31, 2016 |
Commitment And Contingencies [Line Items] | |||
Unfunded Balance | $ 12,065 | $ 13,554 | |
Scenario, Forecast [Member] | |||
Commitment And Contingencies [Line Items] | |||
Future premiums payable to re insurers | $ 19,400 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Oxbridge [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)Directors | |
Schedule of Other Related Party Transactions [Line Items] | |
Number of non-employee directors | Directors | 3 |
Period From June 1, 2016 Through May 31, 2017 [Member] | |
Schedule of Other Related Party Transactions [Line Items] | |
Assumed total covered exposure | $ 6,000 |
Premiums paid | 3,400 |
Period From June 1, 2017 Through May 31, 2018 [Member] | |
Schedule of Other Related Party Transactions [Line Items] | |
Assumed total covered exposure | 7,400 |
Premiums paid | $ 3,400 |